F. I. Rebello, J. - The important question of law which arises in this matter is "what is the remedy available to an aggrieved party if Arbitral Proceedings are terminated under Section 25(a) or under Section 32(2) of the Arbitration and Conciliation Act, 1996. The Arbitration & Conciliation Act, 1996 will hereinafter be referred to as the Act of 1996 and the Arbitration Act, 1940 will be referred to as the Act of 1940.

2. The petitioners and respondent No.1 had entered into an agreement. In terms of the said agreement dated 7th January, 1994 there was a provision to refer disputes arising between them to an Arbitral Tribunal. The Address of the employer was 108, Standard House, 83, Maharashi Karve Road, Bombay-400 002. The agreement was for construction of buildings. The site where the building was to be constructed was at Nerul. By letter dated 18th November, 1996 the petitioners invoked the arbitration clause and appointed Prof. Madhav Deobhakta, as Arbitrator for 3 disputes arising from the claim as contained in letter dated 17th October, 1996. By letter of 22nd November, 1996 the 1st respondent pointed out that there were still works to be completed. The record shows