If any part of the award is to be executed in India on properties or parties located in India yes it can be challenged in Indian courts.
If the cause of action arose in india then. Similarly if it is against a person in india and executable against his properties in india, it can be definitely challenged in india. Further under indian laws, you cannot assign jurisdiction on any court by agreement. But that may not be the law in london. You can definitely use that loophole here.