Yes, but the grounds are extremely limited. The party making the application if it furnishes prove that a party was under some incapacity, or that the arbitration agreement is not valid under the Law or that the party making the application was not given proper notice of the appointment of the Arbitrator or of the Arbitration proceedings or was otherwise enable to present his case. The award may be set aside.
The other grounds for setting aside the awards are that the award deals with a dispute not contemplated while or not falling within the terms of the submission to Arbitration, or it content decisions on matters beyond the scope of the submission to Arbitration.
Provided always that if the decisions on matters submitted to Arbitration can be separated from those not so submitted, only that part of the award which content decisions on matters not submitted to Arbitration may be set aside.
If the composition of the Arbitration Tribunal or the procedure follow was not in accordance with the agreement of the parties.
Apart from the above grounds for setting aside the awards, the award can be set aside if the subject matter of the dispute is not capable of settlement by Arbitration under the Law for the time being inforce or if the award is in conflict with the public policy on India. If the award was procure by fraud or corruption or was in violation of Section 75 or Section 81 the award will be treated as in conflict with the public policy in India-Section 34(1)and (2)