ORDER : In connection with the petition which has been filed by the three petitioners for the winding up of the Kota Straw Board (Private) Limited, Kota, hereinafter called "the respondent Company", an application has been made by the respondent Company under Section 34 of the Arbitration Act for stay of the proceedings. The question for decision therefore is whether that application should be allowed?

2. It will be sufficient to state, for purposes of the present controversy, that the petition for winding up has been made with the allegation that the respondent Company is unable to pay its debts within the meaning of clause (e) of Section 433 of the Companies Act and that it is just and equitable that it should be wound up under clause (f) of that section. In substance, the petitioners have alleged that the Company should be deemed to be unable to pay its debts within the meaning of Section 434 (1) (a) of the Companies Act. The respondent Company has, in its turn, made the aforesaid application under Section 34 of the Arbitration Act on March 25, 1968 and the question whether it should be allowed has arisen in these circumstances.

3. It has been argued by Mr. Lodha, learned