Case Summary (G.R. No. 195215)
Relevant Proceedings
The Regional Trial Court (RTC) of Las Piñas City, in its order dated September 24, 2004, declared the involuntary dissolution of several corporations associated with the Tibayan Group, allowing claims of creditors to be settled from the companies' assets. Subsequently, Atty. Bacalla, as the appointed receiver, sought to protect the Prudential Bank shares from being sold, citing risks posed to these shares' ownership during ongoing litigation.
Legal Framework
The significant legal framework in this case is anchored in the provisions for the involuntary dissolution of corporations as outlined in the Corporation Code and the procedures for preliminary injunctions stipulated in the Rules of Court. The intricacies of rights to property and appropriate computation of filing fees based on either market or par value also feature prominently in this context.
Background of the Case
On August 25, 2005, Atty. Bacalla filed for injunctive relief to prevent the disposition of Prudential Bank shares, leading to a trial court ruling that enjoined such actions and allowed Bacalla to recover those shares through a formal action for securities fraud, declaring nullity and seeking specific performance against several defendants.
Filing Fee Controversy
The defendants contended that the trial court lacked jurisdiction due to allegedly inadequate filing fees, insisting that these should be based on the market value rather than the par value of the shares. The trial court ruled that proper filing fees had been paid, standing by the clerk’s earlier computations and emphasizing procedural regularity.
Court of Appeals Decisions
Both the trial court and the Court of Appeals affirmed the issuance of a preliminary injunction, concluding that the respondents (Bacalla group) demonstrated a clear legal right and urgency that justified the injunction to prevent irreparable harm during the litigation process.
Rulings on the Preliminary Injunction
The Supreme Court upheld the lower courts' decisions, maintaining that the Bacalla group had est
...continue readingCase Syllabus (G.R. No. 195215)
Case Background
- This case arises from a petition for review on certiorari under Rule 45 of the Revised Rules of Court.
- The petition challenges the Decision and Resolution of the Court of Appeals (CA) in CA-G.R. SP No. 95754, dated September 30, 2010, and January 17, 2011.
- The CA's decision affirmed the orders issued by the Regional Trial Court (RTC) of Las Piñas City, Branch 253, regarding a complaint for securities fraud, annulment, specific performance, and preliminary injunction.
Facts of the Case
- The case stems from the liquidation proceedings of the Tibayan Group of Companies, which sought to recover 650,225 Prudential Bank common shares allegedly acquired through fraudulent means, impacting investor-creditors.
- Of the total shares, 230,225 belonged to TMG Holdings, and 420,000 were part of Cielo Azul Holdings Corporation, both of which were accused of being dummy corporations facilitating fraud against creditors.
- On September 24, 2004, the RTC granted a petition for involuntary dissolution of several corporations linked to the Tibayan Group, ordering the liquidation of their assets.
- Atty. Marciano S. Bacalla, Jr. was appointed as Receiver to oversee the liquidation process and subsequently sought an injunctio