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Honesto Ong vs. Intermediate Appellate Court (IAC)

HONESTO ONG, RENATO LLOBRERA, AVELINO DE GRACIA, JR., ALFONSO ONG, and SANTIAGO OCAMPO, petitioners, vs. HON. INTERMEDIATE APPELLATE COURT HON. RICARDO D. DIAZ, as Judge of the RTC of Manila, Branch XXVII and CONSOLIDATED BANK AND TRUST CORPORATION (SOLID BANK), respondents. Joaquin P. Yuseco, Jr. for petitioners. C.M. De los Reyes & Associates for SOLID BANK.

G.R. No. 74073 | 1991-09-13

D E C I S I O N
 
PARAS, J.:

This is a petition for review on certiorari seeking to reverse and set aside: (a) the decision * of the Intermediate Appellate Court dated January 31, 1986 in AC-G.R. SP No. 05490 entitled "Honesto Ong, et al. v. Hon. Ricardo D. Diaz, et al." which dismissed the petition for lack of merit and (b) the resolution dated March 26, 1986 denying the motion for reconsideration.

The undisputed facts of the case are as follows:

On July 27, 1977, Madrigal Shipping Co., Inc. applied for and was granted a loan by the Consolidated Bank and Trust Corporation (Solid bank for short) in the amount of P2,094,000.00...