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C & C Commercial Corp. vs. PNB

C & C COMMERCIAL CORPORATION and CLARA REYES PASTOR and other STOCKHOLDERS OF C & C COMMERCIAL CORPORATION similarly situated, petitioners, vs. PHILIPPINE NATIONAL BANK, NATIONAL INVESTMENT DEVELOPMENT CORPORATION, PROVINCIAL SHERIFF OF RIZAL, CITY SHERIFF OF MANILA and THE HON. JUDGE AUGUSTO VALENCIA, Presiding Judge, Quezon City Branch XXXI, Court of First Instance of Rizal, respondents.

G.R. No. 42449 | 1989-07-05

D E C I S I O N


CORTES, J.:

The applicability to the case at bar of Presidential Decree No. 385, dated January 31, 1974, prohibiting the issuance of injunctions against foreclosure sales sought by government financial institutions is the principal problem that needs to be resolved in the instant special civil action for certiorari.

The controversy now before this Court traces its roots to the period between February 27, 1957 and December 20, 1960 when petitioner C & C Commercial Corporation (now Asbestos Cements Products Phil. Inc., hereinafter referred to as ACPPI) opened seven letters of credit with the respondent Philippine National...