G.R. No. 195615 - Bank of Commerce vs. Radio Philippines Network, Inc.

In late 2001, Traders Royal Bank (TRB) agreed to sell its banking business (identified assets and assumed liabilities) to Bank of Commerce (Bancommerce) for ₱10.4 billion, subject to BSP approval.
On November 8, 2001, the BSP Monetary Board approved the P & A subject to the establishment of a ₱50 million escrow fund to cover contingent claims excluded from the sale.

On November 9, 2001, Bancommerce and TRB executed the BSP-approved P & A; TRB placed ₱50 million in escrow with Metrobank on December 6, 2001.
The BSP gave final approval on July 3, 2002, after TRB amended its charter to delete “bank” from its corporate name and purpose.

On October 10, 2002, in G.R. No. 138510, this Court ordered TRB to pay respondents RPN, IBC, and BBC actual damages of ₱9,790,716.87 with legal interest.
The decision became final and executory on April 9, 2003.

Respondents moved for execution against TRB; they captioned TRB as “TRB [now Bancommerce]” based on an assumed merger.
Bancommerce filed a special appearance denying any merger and contesting jurisdiction.
On August 15, 2005, the RTC granted execution against “any and all assets of TRB … including those subject of the merger … and/or against the Escrow Fund.”

Bancommerce and Metrobank petitioned the CA for certiorari; on December 8, 2009, the CA denied relief and deleted the phrase that the P & A was a “farce … to effectuate a merger.”
Respondents then obtained an alias writ of execution on February 19, 2010; Bancommerce’s motions to quash and reconsider were denied on August 18, 2010.
In its resolutions of November 26, 2010 and February 9, 2011, the CA dismissed Bancommerce’s certiorari petition for failure to file a prior motion for reconsideration.

Whether the CA gravely erred in holding Bancommerce had no valid excuse for failing to file a motion for reconsideration of the RTC’s orders before seeking certiorari.
Whether the CA gravely erred in upholding execution against Bancommerce’s assets when its December 8, 2009 decision held there was no merger between TRB and Bancommerce so as to make Bancommerce liable for TRB’s judgment debts.