FIRST OF ALL: unmount the disk or do whatever is necessary to stop your system from writing to this disk. If you don't do this, Linux will pritty soon overwrite the disk space where your ibay was stored. If necessary remove the disk physically from your server and mount it as a second disk on a different system.
There are several (commercial) tools that claim to recover files from ext3 systems: See
http://www.tsgwebstore.biz/Store/Scripts/prodView.asp?idproduct=27 or search Google for "undelete ext3". I've never had to recover files from ext3, (only ext2 :-/ ) so I can't guarantee it will work.
The ext3 FAQ however doesn't give you much hope:
> Q: How can I recover (undelete) deleted files from my ext3 partition?
> Actually, you can't! This is what one of the developers, Andreas Dilger,
> said about it:
> In order to ensure that ext3 can safely resume an unlink after a crash,
> it actually zeros out the block pointers in the inode, whereas
> ext2 just marks these blocks as unused in the block bitmaps and marks
> the inode as "deleted" and leaves the block pointers alone.
> Your only hope is to "grep" for parts of your files that have been deleted and
> hope for the best.
Once you got this nightmare behind you, you'd do good following Bite's advice to install recycle-bin on your system. And to make regular back-ups...
Good luck!
Michiel