Under Section 32 of "The Arbitration and Conciliation Act, 1996," which of the following conditions can lead to the termination of arbitral proceedings?
1
The proceedings can be terminated if the claimant withdraws the claim, provided the respondent does not object or does not have a legitimate interest in continuing the dispute.
2
The arbitral tribunal may unilaterally terminate the proceedings without any specific grounds.
3
The arbitral tribunal is required to terminate the proceedings if it finds that continuing the arbitration has become unnecessary or impossible, even if both parties agree otherwise.
4
The arbitral tribunal must terminate the proceedings if the parties reach an agreement to do so, regardless of the tribunal's recognition of any legitimate interest in obtaining a final settlement.