Republic of the Philippines
SUPREME COURT
Manila
EN BANC
G.R. No. L-26174 June 30, 1970
CONSOLIDATED BANK AND TRUST CORPORATION and ANTONIO P. MADRIGAL, petitioners,
vs.
HON. UNION C. KAYANAN, STA. CECILIA SAWMILLS, INC., and EUGENIO Q. PALILEO, respondents.
Tañada, Carreon and Tañada and Felix Q. Antonio for petitioners.
Diploma and Tonogbanua, Jr. for respondent Cecilia Sawmill, Inc. Nicholas Deen for the judicial receiver.
FERNANDO, J.:
In this special civil action for certiorari, petitioners filed on June 4, 1970 a manifestation and motion stating the following: "1. On April 29, 1970, the Court of First Instance of Quezon rendered its decision in Civil Case No. C-222, entitled 'Sta. Cecilia Sawmills, Inc., plaintiff, vs. Veneer Trading & Development Corporation, Roberto Sabido and Roberto Siy, defendants,' approving, among other things, the 'Compromise Agreement' dated November 15, 1967, that was executed by the aforementioned plaintiff and defendants in said Civil Case No. C-222...; 2. Paragraph 6 of the said 'Compromise Agreement' reads as follows: '6. The plaintiff likewise recognizes and confirms the validity of the assignment executed by the defendant Veneer Trading & Development Corporation, as attorney-in-fact of Sta. Cecilia Sawmills, Inc., to the Consolidated Bank & Trust Corporation of the export proceeds that it derived from the negotiation of the letters of credit to pay off the overdraft line, loans and credit accommodations that the said bank extended to the defendant Veneer Trading & Development Corporation and the plaintiff for the purpose of financing the operation of the plaintiff's Veneer and cold press mills at Calawag, Quezon, in accordance with the 'Lease of Services with Profit Participation'; 3. With the approval of the aforesaid Compromise Agreement, containing the above admission and confirmation by the Sta. Cecilia of the validity of the assignment of the export proceeds involved in the instant proceeding, by Veneer Trading and Development Corporation, to the petitioners, the various issues raised by the parties in the case at bar have become academic." It is therein prayed "that this Honorable Court issue an order dismissing the instant petition for certiorari without pronouncement as to costs."
It thus appears that petitioners, with the above admission and confirmation by respondent Sta. Cecilia Sawmills of the validity of the assignment of the export proceeds involved in this proceeding having obtained what was sought in this special civil action, have no further reason as indicated in their prayer for pursuing this special proceeding.<äre||anº•1àw>
WHEREFORE, the instant petition for certiorari is dismissed. Without pronouncement as to costs.
Concepcion, C.J., Reyes, J.B.L., Dizon, Makalintal, Zaldivar, Castro and Barredo, JJ., concur.
Teehankee and Villamor, JJ., took no part.
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