Rashtriya Ispat Nigam Ltd vs M/S. Prathyusha Resources & Infra ...

The Supreme Court upheld the High Court's decision confirming the arbitration award in favor of the respondent, determining that the base year for escalation of costs was 1992. The Court clarified that the cause of action arose when the real dispute was asserted, which was in 1996, thus negating the appellant's claim of limitation under Article 18 of the Limitation Act, 1963. The Court held that the arbitration notice was timely, and the award was valid under Section 34 of the Arbitration Act, 1996.