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Philippine National Bank, et al. Vs. Hon. Court of Appeals, et al.

PHILIPPINE NATIONAL BANK and EQUITABLE PCI BANK, Petitioners, versus HONORABLE COURT OF APPEALS, SECURITIES AND EXCHANGE COMMISSION EN BANC, ASB HOLDINGS, INC., ASB REALTY CORPORATION, ASB DEVELOPMENT CORPORATION (formerly TIFFANY TOWER REALTY CORPORATION), ASB LAND INC., ASB FINANCE, INC., MAKATI HOPE CHRISTIAN SCHOOL, INC., BEL-AIR HOLDINGS CORPORATION, WINCHESTER TRADING, INC., VYL DEVELOPMENT CORPORATION, GERICK HOLDINGS CORPORATION, and NEIGHBORHOOD HOLDINGS, INC., Respondents.

G.R. No. 165571 | 2009-01-20

D E C I S I O N


VELASCO, JR., J.:

This is a petition for review under Rule 45 which seeks the reversal of the July 16, 2004 Decision[1] and October 1, 2004 Resolution[2] of the Court of Appeals (CA) in CA-G.R. SP No. 82800. The CA upheld the November 11, 2003 en banc resolution[3] of the Securities and Exchange Commission (SEC) and the orders dated October 10, 2000[4] and April 26, 2001[5] by the SEC Hearing Panel in SEC Case No. 05-00-6609, thus effectively affirming the Rehabilitation Plan submitted by private respondents herein and the appointment of a rehabilitation receiver.

The Facts

Petitioners Philippine National Bank (PNB)...