Timeline (G.R. No. 184081)
Loan Acquisition: Global Holiday Ownership Corporation (Global) obtained several loans from Metropolitan Bank & Trust Company (Metrobank) totaling P5,700,000.00, secured by a real estate mortgage.
First Default: Global defaulted on the loan payments and requested a loan restructuring, which Metrobank granted, increasing the total principal to P6,375,000.00 as of September 3, 2001.
Second Default: After defaulting again, Global requested another restructuring, leading to a Debt Settlement Agreement executed on November 15, 2001, detailing a payment schedule.
Non-Compliance: Global failed to comply with the terms of the Debt Settlement Agreement, despite demands for payment on December 22, 2005, and May 18, 2006.
Foreclosure Initiation: On May 22, 2006, Metrobank requested the Clerk of Court to initiate the sale of the mortgaged property at public auction, scheduled for July 10, 2006.
Complaint Filed: On July 6, 2006, four days before the auction, Global filed a complaint for annulment of the foreclosure proceedings, seeking damages and an injunction.
Temporary Restraining Order: The trial court granted Global a temporary restraining order on July 7, 2006, and set a hearing for a writ of preliminary injunction on July 14, 2006.
Preliminary Injunction Granted: On July 26, 2006, the trial court issued a writ of preliminary injunction in favor of Global, preventing the foreclosure.
Metrobank's Motion for Reconsideration: Metrobank filed a motion for reconsideration against the injunction, which the trial court denied on October 6, 2006.
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