INDIAN RAYON CORPN. LTD. vs RAUNAQ & COMPANY PVT. LTD.

The Supreme Court ruled that under Section 14(2) of the Arbitration Act, 1940, the filing of an award in court and the service of notice to the parties are essential for the application to set aside the award to be valid. The Court held that the mode of service is irrelevant as long as the substance is clear, and the limitation period for setting aside the award begins from the date of service of notice, as per Article 119(b) of the Limitation Act, 1963. In this case, the application was barred by limitation as the notice was deemed served prior to the expiry of the limitation period, leading to the dismissal of the appeal.