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Bank of the Philippine Islands Vs. Securities & Exchange Commission, et al

BANK OF THE PHILIPPINE ISLANDS, as successor of Far East Bank and Trust Company, Petitioner, versus SECURITIES AND EXCHANGE COMMISSION, REHABILITATION RECEIVER, ASB HOLDINGS, INC., ASB DEVELOPMENT CORPORATION, ASB LAND, INC., ASB FINANCE, INC., MAKATI HOPE CHRISTIAN SCHOOL, INC., BEL-AIR HOLDINGS CORP., WINCHESTER TRADING, INC., VYL DEVELOPMENT CORP., GERRICK HOLDINGS CORP., NEIGHBORHOOD HOLDINGS, INC., and THE COURT OF APPEALS, Respondents.

G.R. No. 164641 | 2007-12-20

D E C I S I O N


Tinga, J.:

For resolution is a petition seeking to nullify the 30 January 2004 Decision[1] of the Court of Appeals in CA-G.R. SP No. 77309[2] upholding the Securities and Exchange Commission's (SEC) approval of the ASB Group's rehabilitation in SEC En Banc Case No. EB-726.[3]

The antecedent facts are as follows:

Bank of the Philippine Islands (BPI), through its predecessor-in- interest, Far East Bank and Trust Company (FEBTC), extended credit accommodations to the ASB Group of Companies (ASB Group)[4] with an outstanding aggregate principal amount of P86,800,000.00, secured by a real estate mortgage over two (2)...