The intermetallic compound $Ni_3Al$ causes a peritectic reaction at the composition and temperature very close to the eutectic reaction in Ni-Al system. Although the phase diagram accepted for this system by ASM Handbook has the eutectic forming between the $gamma$ and $gamma$ phases, directional solidification study has shown that the eutectic occurs between $eta$ and $gamma$. This work examines the liquidus region using quenched, directional solidification experiments that preserve the microstructrues formed at the solidification front. It is also shown that under certain composition and growth conditions a metastable eutectic between the $eta$ and $gamma$ phases forms in this system. Finding of the metastable eutectic provided an important information to understand the phase equilibria near the $Ni_3Al$ composition.