732. Application for stay of or permission to commence proceedings.

An application to stay proceedings against the property or person of the debtor or, as the case may be, the bankrupt, made to the court in which the bankruptcy proceedings are pending must be made by ordinary application1. Such an application must be made in the pending proceedings, as may be appropriate2. The jurisdiction to stay is discretionary3; and in its exercise regard must be had to the primary purpose of bankruptcy, namely the collection of all the assets comprised in the bankrupt's estate, and their distribution pari passu among the bankrupt's creditors after payment of the preferential debts