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JurisprudenceG.R. No. 176008 -

G.R. No. 176008 - METROPOLITAN BANK AND TRUST COMPANY, SUBSTITUTED BY MERIDIAN (SPV-AMCI) CORPORATION, VS. INTERNATIONAL EXCHANGE BANK. [G.R. NO. 176131] CHUAYUCO STEEL MANUFACTURING, VS. INTERNATIONAL EXCHANGE BANK (NOW UNION BANK OF THE PHILIPPINES). D E C I S I O N - Supreme Court E-Library

Cited Laws

RA 200,RA 108,RA 725,RA 701,RA 405,RA 43,RA 702,RA 553,RA 489,RA 561,RA 311RA 522RA 581,RA 691,
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TL;DR — Ruling

WHEREFORE, let a Writ of preliminary injunction be issued restraining defendant iBank [IEB], the Sheriff, his agents and other person/s acting in their behalf as agents - privies or representative[s] in whatever capacity, from conducting foreclosure, whether judicial or extrajudicial, of any properties subject of the controversy and are further directed not to take any steps that will, in effect, dispossess plaintiff [SSC] of any of its machineries and equipment in its steel manufacturing plant …

Decision

Ruling

WHEREFORE, let a Writ of preliminary injunction be issued restraining defendant iBank [IEB], the Sheriff, his agents and other person/s acting in their behalf as agents - privies or representative[s] in whatever capacity, from conducting foreclosure, whether judicial or extrajudicial, of any properties subject of the controversy and are further directed not to take any steps that will, in effect, dispossess plaintiff [SSC] of any of its machineries and equipment in its steel manufacturing plant pending determination of the case. Let a bond (cash or surety) of Five Hundred Thousand (P500,000.00) Pesos be posted by the plaintiff Sacramento Steel Corporation as required by law. SO ORDERED.