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China Banking Corporation vs. Mondragon International Philippines Inc., et al

CHINA BANKING CORPORATION, Petitioner, versus MONDRAGON INTERNATIONAL PHILIPPINES, INC. and ANTONIO GONZALES, Respondents.

G.R. No. 164798 | 2005-11-17

D E C I S I O N 


PUNO, J.: 

We begin with the facts. 

On February 28, 1994, respondent Mondragon International Philippines, Incorporated (MIPI), together with the Mondragon Leisure & Resorts Corporation and Mondragon Securities Corporation, entered into a Lease Agreement with Clark Development Corporation to develop the 232-hectare Mimosa Leisure Estate. Thereafter, the parties thereto entered into supplemental lease agreements to develop other additional areas. Part of the funds used for these projects was generated from loans obtained from petitioner China Banking Corporation (CBC). To secure these loans, MIPI executed...