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Ruby Industrial Corp., et al. vs. CA, et al.

RUBY INDUSTRIAL CORPORATION and BENHAR INTERNATIONAL, INC., petitioners, vs. COURT OF APPEALS, MIGUEL LIM, ALLIED LEASING and FINANCE CORPORATION, and THE MANAGEMENT COMMITTEE OF RUBY INDUSTRIAL CORPORATION, respondents.

G.R. Nos. 124185-87 | 1998-01-20

D E C I S I O N

PUNO, J:

Petitioners seek the reversal of the Court of Appeals Decision, 1 setting aside the Orders of the Securities and Exchange Commission (SEC), dated July 30, 1993 and October 15, 1993, which approved the Revised Rehabilitation Plan of Ruby Industrial Corporation (RUBY) and appointed Benhar International, Inc. (BENHAR) as member of RUBY's Management Committee.

The facts: Petitioner Ruby Industrial Corporation (RUBY) is a domestic corporation engaged in glass manufacturing, while petitioner Benhar International, Inc. (BENHAR) is a domestic corporation engaged in importation and sale of vehicle spare parts. BENHAR is...