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Philippines Veterans Bank Vs. Solid Homes, Inc.

PHILIPPINE VETERANS BANK, Petitioner,versus SOLID HOMES, INC.,[1] Respondent.

G.R. No. 170126 | 2009-06-09

D E C I S I O N


CORONA, J.:

This petition for review traces its history to a compromise agreement,[2] executed on April 3, 1992, between petitioner Philippine Veterans Bank and respondent Solid Homes, Inc. The agreement provided, among others, for the repurchase by respondent of all existing rights and interests of petitioner in various mortgaged properties for P57,875,931.90. Petitioner allegedly violated the terms of the agreement prompting respondent to file a complaint for specific performance, sum of money and damages in the Regional Trial Court (RTC) of Pasig City, Branch 68.

In its answer, petitioner averred that the compromise...