THE Supreme Court (SC) has ordered the Pasig City Regional Trial Court (RTC) to continue with proceedings against Delfin Lee’s Globe Asiatique and another company in connection with a more than P1-billion loan with the Philippine National Bank (PNB).
In a ruling penned by Associate Justice Martin Villarama, the tribunal granted a petition filed by Aida Padilla as it directed the Pasig RTC to proceed with the presentation of evidence in support of the compulsory counter-claim of the petitioner.
“The orders dated November 12, 2012 and May 8, 2013 of the Regional Trial Court of Pasig City, Branch 155 in [the civil case]are hereby reversed and set aside . . .” the SC said.
Chief Justice Ma. Lourdes Sereno and Associate Justices Lucas Bersamin, Bienvenido Reyes and Jose Catral Mendoza concurred with the decision.
From 2005 to 2008, PNB entered into several Contracts to Sell (CTS) Facility Agreements with respondents Globe Asiatique Realty Holdings Corp. and Filmal Realty Corp. represented by Delfin S. Lee and Dexter L. Lee, president and vice president, respectively, of the two corporations.
PNB agreed to make available to Globe Asiatique and Filmal CTS Facility an amount not exceeding P200 million to finance purchase of certain accounts receivables or the in-house installment receivables of respondents arising from the sale of subdivision houses in their real estate/housing projects as evidenced by contracts to sell.
These availments were later increased to a total amount of P1.2 billion. Pursuant to and as a condition for the CTS Facility availments, respondents executed in favor of PNB several Deeds of Assignment covering accounts receivables in the aggregate amount of P1,195,926,390.72.
In the instruments, respondents acknowledged the total amount of P1,395,665,564.69 released to them by PNB in consideration of the accounts receivables.
In the first quarter of 2010, the respondents defaulted in the payment of their outstanding balance and delivery to PNB of transfer certificates of title corresponding to the assigned accounts receivables, for which PNB declared them in default under the CTS Facility Agreements.
Subsequently, the respondents made partial payments and made proposals for paying in full their obligation to PNB as shown in the exchange of correspondence between the respondents and PNB.
On August 5, 2010, PNB made a formal and final demand upon the respondents to pay/settle the total amount of P974,377,159.10 representing their outstanding obligation.