G.R. No. 119712 - DEVELOPMENT BANK OF THE PHILIPPINES AND ASSET PRIVATIZATION TRUST, VS. COURT OF APPEALS AND CONTINENTAL CEMENT CORPORATION.D E C I S I O N - Supreme Court E-Library

Ruling

WHEREFORE, premises considered, judgment is hereby rendered: 1. fixing the total indebtedness of plaintiff Continental Cement Corporation in favor of defendant Development Bank of the Philippines on the straight peso loans and foreign guarantees at P61,498,849.00 as of December 31, 1990; 2. fixing the indebtedness of plaintiff Continental Cement Corporation in favor of defendant Development Bank of the Philippines on the coal conversion loan at US$977,000.00, or P7,347,890.00 which is its equivalent in pesos at the official rate of exchange prevailing in August 1979; 3. ordering the plaintiff to pay unto either of the defendants DBP or APT, within six (6) months from the finality of this judgment, the aforementioned amount of P61,498,849.00 with interest thereon at 10% per annum from January 1, 1991 until the same shall have been fully paid and the aforementioned amount of US$997,000.00/P7,347,890.00 without interest thereon; 4. declaring premature and without legal basis the application for extrajudicial foreclosure (Annex A of the Complaint) filed on November 18, 1985 by defendant Development Bank of the Philippines with the office of the defendant Sheriff of Malolos, Bulacan; 5. making permanent the writ of preliminary injunction issued by this Court on January 17, 1986 in the case at bar enjoining proceedings on the aforementioned application for extrajudicial foreclosure, without prejudice to such rights (including the institution of eventual foreclosure proceedings) as the defendants may opt to pursue against the plaintiff in the event that the directive specified in the preceding paragraph hereof shall not have been complied with; and 6. dismissing the plaintiffs claim for unspecified attorneys fees and expenses of litigation. No pronouncement as to costs. SO ORDERED.