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G.G. Sportsware Manufacturing Corp., et al. Vs. Banco De Oro Unibank, Inc., et al.

G.G. SPORTSWEAR MANUFACTURING CORP. and NARESH K. GIDWANI, Petitioners, versus BANCO DE ORO UNIBANK, INC., PHILIPPINE INVESTMENT ONE (SPV-AMC), INC. and THE OFFICE OF THE CLERK OF COURT AND EX OFFICIO SHERIFF OF THE REGIONAL TRIAL COURT OF MAKATI CITY, BRANCH 133, as represented by ATTY. ENGRACIO M. ESCASINAS, JR., Respondents

G.R. No. 184434 | 2010-02-08

DECISION


ABAD, J.:

This case is concerned with the need to issue a temporary restraining order (TRO) or writ of preliminary injunction, enjoining a bank's foreclosure of the mortgages that secure the plaintiffs' loans upon a claim that the bank had already sold the loan receivables to a Special Purpose Vehicle entity.

The Facts and the Case

On April 22, 1994 petitioners G.G. Sportswear Manufacturing Corp. (G.G. Sportswear) and Naresh Gidwani mortgaged a lot in Aranda, Makati, and a house and lot in Bel-Air Village, also in Makati, to Equitable-PCI Bank, now the respondent Banco de Oro Unibank, Inc. (BDO), to secure a P20,357,000.00...