Can we figure out why process received the SIGALRM any specific reason for that?

You might try strace, e.g. strace -e trace=signal,alarm ..., but typically, SIGALRM is arranged by alarm (in Perl, alarm). (Update: Also note that "sleep may be internally implemented on your system with alarm.")

If we handle that signal can we raise an exception and override the default operations.

Yes, by setting a %SIG handler as shmem showed above. But I would recommend first trying to figure out where the signal is coming from in the first place.