G.R. No. 171982 - DEVELOPMENT BANK OF THE PHILIPPINES, VS. TRADERS ROYAL BANK and PRIVATIZATION AND MANAGEMENT OFFICE (VICE ASSET PRIVATIZATION TRUST).R E S O L U T I O N - Supreme Court E-Library

Ruling

WHEREFORE, defendant Phil-Asia Food Industries Corporation and Development Bank of the Philippines are ordered to pay, jointly and severally, to plaintiff Traders Royal Bank the sum of P8,432,381.78, together with interest thereon at six percent (6%) per annum from September 19, 1986, until the amount is fully paid, plus attorney's fees equivalent to ten percent (10%) of the said unpaid balance. The said defendants are also required to pay the costs of the suit. The complaint is dismissed with respect to defendant Asset Privatization Trust. The counterclaims and cross-claims of defendants Phil-Asia Food Industries Corporation, Development Bank of the Philippines and Asset Privatization Trust, for lack of merit, are also dismissed. SO ORDERED.