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Modern Paper Products, et al. vs. CA, et al.

MODERN PAPER PRODUCTS, INC., and SPOUSES ALFONSO CO and ELIZABETH CO, petitioners, vs. COURT OF APPEALS, METROPOLITAN BANK & TRUST CO., and PHILIPPINE SAVINGS BANK, respondents.

G.R. No. 127166 | 1998-03-02

D E C I S I O N

DAVIDE, JR., J:

In this petition for review on certiorari under Rule 45 of the Rules of Court, the petitioners ask us to review and set aside that part of the 12 July 1996 Decision 1 of the Court of Appeals in CA-G.R. SP No. 402852 2 ordering the dismissal of the petition for suspension of payments filed with the Securities and Exchange Commission (SEC) insofar as petitioners Alfonso and Elizabeth Co were concerned.

The factual antecedents are summarized by the Court of Appeals as follows:

On 12 May 1995, Modern Paper Products, Inc. (hereafter, MPPI) and Spouses Alfredo and Elizabeth Co filed before the Securities and...