Q.
In an arbitration, can the parties eventually turn back and not accept the award?
A.
Firstly, arbitral proceeding can be terminated according to Section 34 at any time during the proceeding or by completion of an award.
However, if the question asks about overturn of the award after it has been delivered, then it is not acceptable.
Pursuant to Section 36 below, the arbitral award is final and binding when it is completed.
Termination of proceedings
Section 34. (1) The arbitral proceedings shall be terminated by a final award or by an order of the arbitral tribunal in accordance with subsection (2).
(2) The arbitral tribunal shall order the termination of the arbitral proceedings where—
(a) the claimant withdraws the claim, unless the respondent objects to the withdrawal and the arbitral tribunal recognises the respondent’s legitimate interest in obtaining a final settlement of the dispute;
(b) the parties agree on the termination of the proceedings; or
(c) the arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible.
An award is final and binding
36. (1) An award made by an arbitral tribunal pursuant to an arbitration agreement shall be final and binding on the parties and may be relied upon by any party by way of defence, set-off or otherwise in any proceedings in any court.
(2) The arbitral tribunal shall not vary, amend, correct, review, add to or revoke an award which has been made except as specifically provided for in section 35.
Section 35 is about correction of error or request for interpretation.
Appeal to High Court
Of course, if the arbitration is found to be defective, as per recourse against award as in Section 37, then it can be set aside by High Court. See below in earlier post.
Ref:
Section 34 & 36, Arbitration Act, 2005.