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China Banking Corp. Vs. Asian Construction & Devt. Corp.

CHINA BANKING CORPORATION, Petitioner, versus ASIAN CONSTRUCTION and DEVELOPMENT CORPORATION, Respondent.

G.R. No. 158271 | 2008-04-08

D E C I S I O N


AUSTRIA-MARTINEZ, J.:

Before the Court is a Petition for Review on Certiorari under Rule 45 of the Rules of Court filed by petitioner China Banking Corporation (China Bank) seeking to annul the Resolution[1] dated October 14, 2002 and the Resolution[2] dated May 16, 2003 of the Court of Appeals (CA) in CA-G.R. CV No. 72175.

The facts of the case:

On July 24, 1996, China Bank granted respondent Asian Construction and Development Corporation (ACDC) an Omnibus Credit Line in the amount of

P90,000,000.00.[3]

On April 12, 1999, alleging that ACDC failed to comply with its obligations under the Omnibus Credit Line,...