Elaborate the provisions of Section 32 of Arbitration and Conciliation Act, 1996 regarding termination of arbitration proceeding.

As per Section 32(1) of the Arbitration and Conciliation Act, 1996 (the Act) the arbitral proceeding shall be terminated by the final arbitral award or by an order of the arbitral tribunal under sub-section (2). Under Section 32(2) of the Act, the arbitral tribunal shall issue an order for the termination of the arbitral proceedings where - a. The claimant withdraws his claim, unless the respondent objects to the order and the arbitral tribunal recognises a legitimate interest on his part in, obtaining a final settlement of the dispute, b. The parties agree on the termination of the proceeding, or c. The arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible. Section 32(3) of the Act says that the mandate of the arbitral tribunal terminates with the termination of the arbitral proceedings. However, this is subject to the provisions of Section 33 and 34(4) of the Act.