A study of Λ production has been made for the process\(p\underrightarrow {K^ - }\Lambda \) from K−p interactions at 4.2 GeV/c. The total Λ production cross-section is (4.5±0.2) mb and the cross-section in which Λ is associated with\(K\bar K\) in the final state is found to be (0.44±0.03) mb. A study of the polarization is made for the off-mass-shell strangeness annihilations\( \ll K\bar K \gg \to pions\) and strangeness nonannihilations\( \ll K\bar K \gg \to K\bar K + pions\); the polarization, when plotted as a function ofx,pT and (recoiling mass)2, exhibits differences between the two processes. The polarization observed in the strangeness nonannihilation process shows identical behaviour to that in\(p\bar p\) reactions. An attempt has been made to understand the behaviour of the polarized and the unpolarized cross-sections as a function of (recoiling mass)2 in the triple-Regge framework.