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METROPOLITAN BANK AND TRUST COMPANY, PETITIONER, VS. S.F. NAGUIAT ENTERPRISES, INC., RESPONDENT.

METROPOLITAN BANK AND TRUST COMPANY, PETITIONER, VS. S.F. NAGUIAT ENTERPRISES, INC., RESPONDENT.

G.R. No. 178407 | 2015-03-18

SECOND DIVISION
 
D E C I S I O N
 
LEONEN, J.:
 
This case calls for the determination of whether the approval and consent of the insolvency court is required under Act No. 1956, otherwise known as the Insolvency Law, before a secured creditor like petitioner Metropolitan Bank and Trust Company can proceed with the extrajudicial foreclosure of the mortgaged property.
 
This is a Petition for Review[1] under Rule 45, seeking to reverse and set aside the November 15, 2006 Decision[2] and June 14, 2007 Resolution[3] of the Court of Appeals (Sixth Division) in CA-G.R. SP No. 94968. The questioned Decision and Resolution dismissed...