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Hongkong & Shanghai Banking Corporation, Ltd, et al. vs. G.G. Sportswear Manufacturing Corporation.

HONGKONG & SHANGHAI BANKING CORPORATION, LTD. and CITIBANK, N.A., Petitioners, versus G.G. SPORTSWEAR MANUFACTURING CORPORATION, Respondent,

G.R. No. 146526 | 2006-05-05

D E C I S I O N 


CORONA, J.: 

The doctrine of exhaustion of administrative remedies is a cornerstone of our judicial system. The thrust of the rule on exhaustion of administrative remedies is that the courts must allow the administrative agencies to carry out their functions and discharge their responsibilities within the specialized areas of their respective competence.[1] 

This is a petition for review on certiorari[2] from a decision of the Court of Appeals[3] which reversed a decision of a hearing panel of the Securities and Exchange Commission (SEC),[4] and the appellate court's resolution denying...