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Apollo M. Salud vs Central Bank of the Phil. Etal.

APOLLO M. SALUD, as Attorney-in-Fact for its Stockholders, in his behalf and for in behalf of the Rural Bank of Muntinlupa, Inc., Hon. VICENTE R. CAMPOS, Presiding Judge, Regional Trial Court, National Capital Region, Br. CLXIV, petitioners, vs. CENTRAL BANK OF THE PHILIPPINES, AND CONSOLACION V. ODRA, in her capacity as Liquidator of the Rural Bank of Muntinlupa, Inc., respondents.

G.R. No. L-17630 | 1986-08-19

D E C I S I O N


NARVASA, J:

The Rural Bank of Muntinlupa, Inc. and its stockholders (hereafter collectively referred to simply as the Muntinlupa Bank) have petitioned this Court for a writ of certiorari to annul two (2) resolutions of the Intermediate Appellate Court dated January 4, 1985 and July 23, 1985 upon the theory that said resolutions are so far contrary to the provisions of Section 29 of the Central Bank Act 1 and relevant rulings of this Court as to constitute grave abuse of discretion.

The provision in question reads as follows:

"SEC. 29. Proceedings upon insolvency. Whenever, upon examination by the head of the...