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Nordic Asia Limited vs. Court of Appeals

NORDIC ASIA LIMITED (now known as DnC Limited) and BANKERS TRUST COMPANY, Petitioners, versus THE HONORABLE COURT OF APPEALS, NAM UNG MARINE CO., LTD., KIM JEONG SEONG, P. U. ULSTRUP, BAK JEONG RANG, SIN SUK NO, HWANG IN CHAN, O JEONG SUK, LEE MYUNG UNG, CHAE DOO EUP, SEOK HAEONG JO, KIM YONG JIN, KIM BU YUL, JEONG DONG SONG, LEE ON CHUN, GYEONG GI GIM, MUN KU HAN, SEUNG HO AN, BYANG YEOL YANG, SEOG MAN HAN, KIM JUNG GON, LEE DONG HWA, LEE MOON HYEONG, SEONG MUG JANG, HAN IL IM, SANG MYEONG GIM, WOO JEONG SUL, GIL HUN GIM, CHAE DONG CHONG, Respondents.

G.R. No. 111159 | 2004-07-13

RESOLUTION

AZCUNA, J.:

This is to resolve petitioners' motion for reconsideration of the decision rendered by the Court on June 10, 2003.

As a brief background: On May 26, 1981, Sextant Maritime, S.A., (Sextant) borrowed US$5,300,000 from petitioners Nordic Asia Limited and Bankers Trust Company. The loan amount was used by Sextant to purchase the vessel M/V "Fylyppa." As security for the loan, a First Preferred Mortgage over the vessel M/V "Fylyppa" was constituted in favor of petitioners. Sextant eventually defaulted on the loan, prompting petitioners to institute extrajudicial foreclosure proceedings under P.D....