Elaborate the provisions of Section 32 of Arbitration and Conciliation Act, 1996 regarding the termination of arbitral proceedings.

As per section 32 (1) of Arbitration & Conciliation Act, 1996, the arbitral proceedings 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 Arbitration & Conciliation Act, 1996, the arbitral tribunal shall issue an order for the termination of the arbitral proceedings where, 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, the parties agree on the termination of the proceedings, or the arbitral tribunal finds that the continuation of the proceedings has for any other reason become unnecessary or impossible. Section 32(3) says that the mandate of the arbitral tribunal terminates with the termination of the arbitral proceedings. This is subject to the provisions of Sections 33 and 34(4) of the Act.