G.R. No. 184317

Metropolitan Bank and Trust Company vs Liberty Corrugated Boxes Manufacturing Corporation

G.R. No. 184317

Facts:

Liberty has filed a petition for rehabilitation. The rehabilitation plan consisted of debt moratorium, renewal of marketing efforts, resumption of operations, and entry into condominium development which is a new business. The Metro bank argued that Liberty was not qualified for corporate rehabilitation and that the rehabilitation plan by Liberty was defective and not feasible.

Issue:

Whether or not Liberty may file a petition for rehabilitation.

Held:

Yes, a corporation with debts that have already matured may still file a petition for rehabilitation under the Interim Rules of Procedure on Corporation Rehabilitation. According to Rule 4 Section 1 of Interim Rules, Any debtor who foresees the impossibility of meeting its debts when they respectively fall due, or any creditor or creditors holding at least twenty-five percent (25%) of the debtor's total liabilities, may petition the proper Regional Trial Court to have the debtor placed under rehabilitation.

Applying the principle of noscitur a socii, a particular word or phrase is ambiguous in itself or is equally susceptible of various meanings, its correct construction may be made clear and specific by considering the company of words in which it is founded or which it is associated. In this case, the phrase "any debtor who foresees the impossibility of meeting its debts when they respectively fall due", need not refer to a specific period or point in time when the debts mature.

G.R. No. 220953

Gloria Macapagal Arroyo vs People and Sandiganbayan

G.R. No. 220953

Facts:

Gloria Arroyo was accused of committing plunder. The case was dismissed by the court.

Issue:

Whether or not the court has erred in dismissing the case

Held:

No, the court was correct in its ruling. According to the Section 1 (d) of RA No 7080, Ill-gotten wealth means any asset, prope1iy, business enterprise or material possession of any person within the purview of Section Two (2) hereof, acquired by him directly or indirectly through dummies, nominees, agents, subordinates and/or business associates by any combination or series of the following means or similar schemes:

1) Through misappropriation, conversion, misuse, or malversation of public funds or raids on the public treasury.

In applying the principle noscitur a sociis which is that the correct construction of a particular word or phrase that is ambiguous in itself or is equally susceptible of various meanings may be made by considering the company of the words in which the word or phrase is found or with which it is associated, raids on the public treasury requires the raider to use the property taken impliedly for his personal benefit.

As a result, the court was correct in its ruling as the not only did the Prosecution fail to show where the money went but, more importantly, that GMA and Aguas had personally benefited from the same. Hence, the Prosecution did not prove the predicate act of raids on the public treasury beyond reasonable doubt.