Arbitration Act 1940
Termination of Proceedings
The arbitral proceedings shall be terminated by the final arbitral award or by an order of the arbitral tribunal under sub-section (2 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 recognizes 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.
Subject to section 33 and sub-section (4) of section 34, the mandate of the arbitral tribunal shall terminate with the termination of the arbitral proceedings.