VS. GROUP MANAGEMENT CORPORATION.

Ruling

WHEREFORE, the petition being partly meritorious, the Court hereby resolves as follows: 1. To AFFIRM the Orders of May 28, 1998 and August 4, 1998, in Civil Case No. 2203-L insofar as they set aside the order holding respondent Register of Deeds guilty of indirect contempt of court and to NULLIFY said orders insofar as they set aside the directives contained in paragraphs (a), (b), and (c) of the order dated November 28, 1997; 2. To DECLARE without FORCE and EFFECT insofar as petitioner Group Management Corporation is concerned, the decision in Civil Case No. R-82-3429 as well as the orders and writs issued for its execution and enforcement; and 3. To ENJOIN respondent Lapulapu Development and Housing Corporation, along with its agents and representatives and/or persons/public officials/employees acting in its interest, specifically respondent Regional Trial Court of Manila, Branch 38, and respondent Register of Deeds of Lapulapu City, from obstructing, interfering with or in any manner delaying the implementation/execution/enforcement by the Lapulapu City RTC of its order and writ of execution in Civil Case No. 2203-L. 4. For lack of sufficient basis, the charge of contempt of court against respondent Lapulapu Development and Housing Corporation and the public respondents is hereby DISMISSED. [2] The assailed Resolution denied petitioners Motion for Partial Reconsideration. [3] The Facts The procedural and factual antecedents of this case are summarized by the CA in this wise: LLDHC, formerly known as the B. Sunga Corporation, was the registered owner of seventy-eight (78) lots, with an aggregate area of 423,117 square meters, located at Barrio Marigondon, Lapu-lapu City. On February 4, 1974, LLDHC entered into a Project and Loan Agreement with GSIS, whereby the latter undertook to extend a loan of P25 million to be used by LLDHC in developing, subdividing and selling to GSIS members, its property at Marigondon, Lapu-lapu City. To implement the Agreement, GSIS extended to LLDHC an ad interim medium term loan of P2,500,000.00 of which P710,400.00 was released. To secure payment of the loan, LLDHC executed a real estate mortgage over its 78 lots at Marigondon, Lapulapu City in favor of GSIS. LLDHC having failed to develop the property and defaulted in the payment of its loan, GSIS foreclosed the mortgage. And, being the lone bidder in the public auction sale, GSIS acquired the mortgaged lots. After the lapse of the redemption period, GSIS consolidated its ownership over the mortgaged lots and the corresponding transfer certificates of title were issued in its name. On February 26, 1980, GSIS, as new owner, executed a Deed of Conditional Sale covering its Marigondon lots in favor of GMC. On April 23, 1980, LLDHC filed a complaint for Annulment of Foreclosure with Writ of Mandatory Injunction against GSIS. Originally docketed as Civil Case No. 131332 of the Regional Trial Court of Manila, the complaint (re-docketed as Civil Case No. R-82