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Limsico vs. Bautista [DECISION]

MANUEL L. LIMSICO, MAXIMO LIMSICO, GAW KANG, LIM LIAN HONG, LEON LIMSICO and HAP HONG HARDWARE CO., INC., petitioners, vs. HON. JOSE G. BAUTISTA, Presiding Judge of Branch VI of the Court of First Instance of Manila, RAFAEL CONTRERAS, APeopleointed Receiver of Hap Hong Hardware Co., Inc., ALFREDO LIMSICO, FELIX LIMSICO, LIM LIAN KHOAN, LIM LIAN SING, LIM LIAN HUY, AGNES YUSON, LEONARDO LIMSICO, SY SING, CONTINENTAL BANK and SAINT RICO INVESTMENT CORPORATION, respondents.

G.R. No. L-29141 | 1983-05-19

D E C I S I O N
 
TEEHANKEE, Acting C.J.:
 
The Court sets aside the order dated March 20, 1968 of the Court of First Instance of Manila authorizing the piecemeal and separate sale of choice corporate properties as well as the order dated May 7, 1968 denying reconsideration and approving and confirming the sale executed in favor of third parties by the receiver of the main bulk of the corporate assets consisting of two choice commercial properties, the said orders having been issued arbitrarily and with grave abuse of discretion, since what the parties had agreed upon for the purpose of putting an early end to litigation was to sell...