G.R. NO. 152551 - GENERAL BANK AND TRUST COMPANY, VS. CENTRAL BANK OF THE PHILIPPINES AND ARNULFO B. AURELLANO IN HIS CAPACITY AS LIQUIDATOR OF GENERAL BANK AND TRUST COMPANY.

Ruling

WHEREFORE, judgment is hereby rendered against the Petitioners [CB et al.] and in favor of Intervenors as follows: First : That the closure of Genbank under Monetary Board Resolution No. 675, March 25, 1977 (Petitioners' Exh. I-1) and the adoption of the Lucio Tan Group as the liquidation plan of Genbank under Monetary Board Resolution No. 677, March 29, 1977 (Intervenor's Exh. 1-2) are hereby annulled and set aside as being plainly arbitrary and made in bad faith as provided under Section 29, RA No. 265, as amended. Second : That Petitioner [CB] is hereby ordered and directed to restore the license and authorization of Genbank to operate and conduct business as a commercial bank and trust corporation and to restore Genbank's banking network of Head Office, 23 branches and 1 extension office. Third : That Petitioner [CB] is hereby ordered and directed to pay Intervenor Genbank the amount of P103,984,477.55 representing Genbank's capital account which was the excess of Genbank's assets over this liabilities as shown in the Consolidated Statement of Condition of Genbank as of March 25, 1977 (Petitioners' Exh. I-26-A) plus damages by way of unrealized earnings at 5% interest per annum of said amount of P103,984,477.55 starting from May 7, 1982 ... until fully paid; and Fourth : That Petitioner [CB] is likewise ordered and directed to pay Intervenor Genbank costs of the suit in accordance with the Rules of Court. SO ORDERED.