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DBP vs. Court of Appeals

DEVELOPMENT BANK OF THE PHILIPPINES[1] and PRIVATIZATION AND MANAGEMENT OFFICE (formerly ASSET PRIVATIZATION TRUST), Petitioners, versus HON. COURT OF APPEALS, PHILIPPINE UNITED FOUNDRY AND MACHINERY CORP. and PHILIPPINE IRON MANUFACTURING CO., INC., Respondents.

G.R. No. 138703 | 2006-06-30

DECISION
 
AZCUNA, J.:

This is a petition for review on certiorari under Rule 45 of the Rules of Court of the decision of the Court of Appeals (CA) dated May 7, 1999 in CA-G.R. CV No. 49239 entitled "Philippine United Foundry and Machinery Corp. and Philippine Iron Manufacturing Co., Inc. v. Development Bank of the Philippines and Asset Privatization Trust" which upheld the decision of the Regional Trial Court (RTC), Branch 98 of Quezon City in Civil Case No. Q-49650.

Sometime in March 1968, the Development Bank of the Philippines (DBP) granted to respondents Philippine United Foundry and Machineries Corporation and Philippine...