Leak through pipe penetration

I have a sizeable leak in the storm drain pipe in my cellar. It used to only leak with heavy rains but now it leaks even when water is poured into one of my backyard drains which lead into the storm drain. The leak is coming from around the pipe in the penetration. I should also note that this is a fairly new house (3 years old) put the cast iron pipe looks rusted already, which I've been told is a sign of leaks. I was reading an article on emecole.com on why basement fails and they suggest drilling through the old patch into the void behind it and injecting non-shrinking urethane foam to completely fill the void. My question is will this solution be a permanent fix to correct the broken seal/patch around the pipe? In adding to grading the soil in front of my house to slope away from the foundation, what else should i do to prevent leaks inside? Thanks for any suggestions.