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Express Investments III Private Ltd. vs. Bayan Telecommunications, Inc. (Bayantel)

EXPRESS INVESTMENTS III PRIVATE LTD. AND EXPORT DEVELOPMENT CANADA, Petitioners, versus BAYAN TELECOMMUNICATIONS, INC., THE BANK OF NEW YORK (AS TRUSTEE FOR THE HOLDERS OF THE US$200,000,000 13.5% SENIOR NOTES OF DAYAN TELECOMMUNICATIONS, INC.) AND ATTY. REMIGIO A. NOVAL (AS THE COURT-APPOINTED REHABILITATION RECEIVER OF BAYANTEL), Respondents. and IN THE MATTER OF: THE CORPORATE REHABILITATION OF DAYAN TELECOMMUNICATIONS, INC. PURSUANT TO THE INTERIM RULES OF PROCEDURE ON CORPORATE REHABILITATION (A.M. NO. 00-8-10-SC) THE BANK OF NEW YORK AS TRUSTEE FOR THE HOLDERS OF THE US$200,000,000 13.5 % SENIOR NOTES OF DAYAN TELECOMMUNICATIONS, INC. DUE 2006 ACTING ON THE INSTRUCTIONS OF THE INFORMAL STEERING COMMITTEE: AVENUE ASIA INVESTMENTS, L.P., AVENUE ASIA INTERNATIONAL, LTD., AVENUE ASIA SPECIAL SITUATIONS FUND II, L.P. AND AVENUE ASIA CAPITAL PARTNERS, L.P., Petitioners, versus BAYAN TELECOMMUNICATIONS, INC., Respondent. and IN THE MATTER OF: THE CORPORATE REHABILITATION OF BAY AN TELECOMMUNICATIONS, INC. PURSUANT TO THE INTERIMRULES OF PROCEDURE ON CORPORATE REHABILITATION (A.M. NO. 00-8-10-SC) AVENUE ASIA INVESTMENTS, L.P., AVENUE ASIA INTERNATIONAL, LTD., AVENUE ASIA SPECIAL SITUATIONS FUND II, L.P., AVENUE ASIA CAPITAL PARTNERS, L.P. AND A VENUE ASIA SPECIAL SITUATIONS FUND III, L.P. Petitioners, versus DAYAN TELECOMMUNICATIONS, INC., Respondent. and THE BANK OF NEW YORK AS TRUSTEE FOR THE HOLDERS OF THE US$200,000,000 13.5% SENIOR NOTES OF BAYAN TELECOMMUNICATIONS, INC., Petitioner, versus BAY AN TELECOMMUNICATIONS, INC., Respondent.

G.R. Nos. 174457-59 and G.R. Nos. 175418-20 and G.R. No. 177270 | 2012-12-05

FIRST DIVISION

DECISION

VILLARAMA, JR.,J.:

Before us are seven consolidated petitions for review on certiorarifiled in connection with the corporate rehabilitation of BayanTelecommunications, Inc. (Bayantel).

The Petition for Partial Review on Certiorari1in G.R. Nos. 174457-59was filed by Express Investments III Private Ltd. and Export DevelopmentCanada to assail the August 18, 2006 Decision2of the Court of Appeals inCA-G.R. SP No. 87203.

On the other hand, the Petition for Review on Certiorari3in G.R. Nos.175418-20 was filed by The Bank of New York; Avenue Asia Investments,L.P.; Avenue Asia International, Ltd.; Avenue Asia Special Situations...