Today after a lot of tinkering and coding finally I got communications up between Arduino and the Launchpad. I used the RF24 library by Maniacbug for Arduino and Enrf24 library by Sprillis for Launchpad. One thing that I learned while doing this is that we need to initialize each and every settings before sending and receiving data because the libraries has different default settings. My utmost thanks to the blog http://arduino-for-beginners.blogspot.in/2013/11/stellaris-launchpad-with-nrf24l01.html for solving my problem. I also tried sending structures between the two and it worked great. Just had to look up page 9 of the energia forum for this.

The example just sends random Red Green and Blue values as a structure. Check out my GitHub Repo for codes.