JUDGMENT :

Heard Mr. Srivastava, learned Counsel for the petitioners and Mr. Bhangde, learned Counsel for the respondent. Rule. Rule returnable forthwith. Heard finally with the consent of the learned Counsel for the rival parties.

2. The Petition challenges the order passed below Exhibit-144, an application under section 10 of the Code of Civil Procedure (C.P.C.), to stay the suit being Special (Commercial) Civil Suit No. 23/2017 (earlier S.C.S. No. 422/2003) filed by the respondent against the petitioners for recovery, on the ground that the respondent herein had earlier instituted proceedings before the Company Law Board, New Delhi, namely, Company Petition No. 9/2001, which came to be allowed on 2-12-2004, by which the petitioners were directed to allot 14,75,998 shares of Rs. 10/- each in the petitioner No. 1-Company to the respondent. An option was also given to the petitioner No. 1 to refund the amount with 6% simple interest from the date of its investment to the date of payment, if the petitioner No. 1 had reservations in the matter of such allotment, within four months thereof in one or more installments, the decision regarding which was to be communicated to the respondent