In a heavy, medium saucepan, melt the butter over medium-high heat. Add the onions and bell peppers, and cook, stirring until soft, about 4 minutes. Add the rice, salt, and bay leaf and cook, stirring, for 1 minute. Add the stock and stir. Reduce the heat to low, cover, and simmer until the rice is almost tender, about 15 minutes. Add the peas, cover and continue simmering until the liquid is absorbed, about 5 minutes. Remove from the heat and let sit covered for 10 minutes.
Remove the bay leaf and fluff the rice with a fork. Add the cheese and parlsey, and stir. Serve immediately.
Yield: 4 servings