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In Re: Petition for Assistance in the Liquidation of Intercity Savinds and Loan Bank, Inc., Philippine Deposit Insurance Corporation Vs. Stockholders of Intercity Savings and Loan Bank, Inc.

IN RE: PETITION FOR ASSISTANCE IN THE LIQUIDATION OF INTERCITY SAVINGS AND LOAN BANK, INC. / PHILIPPINE DEPOSIT INSURANCE CORPORATION, Petitioner, versus STOCKHOLDERS OF INTERCITY SAVINGS AND LOAN BANK, INC., Respondents

G.R. No. 181556 | 2009-12-14

D E C I S I O N


CARPIO MORALES, J.:

The Central Bank of the Philippines, now known as Bangko Sentral ng Pilipinas, filed on June 17, 1987 with the Regional Trial Court (RTC) of Makati a Petition for Assistance in the Liquidation of Intercity Savings and Loan Bank, Inc. (Intercity Bank) alleging that, inter alia, said bank was already insolvent and its continuance in business would involve probable loss to depositors, creditors and the general public.[1]

Finding the petition sufficient in form and substance, the trial court gave it due course.[2] Petitioner Philippine Deposit Insurance Corporation (PDIC) was eventually substituted as...