In re Wilbel Estate Realty Corp.

May 6, 2008 SEC EN BANC CASE NO. 04-08-0414 IN THE MATTER OF WILBEL ESTATE REALTY CORPORATION (S.E.C. REG. NO. AS095-005660) , petitioner. SETTING ASIDE OF THE ORDER OF REVOCATION O R D E R Petitioner Wilbel Estate Realty Corp. is a stock corporation registered with the Commission on June 14, 1995. Its primary purpose is to "acquire by purchase, lease, donation or otherwise and to own, use, improve, sell, mortgage, exchange, lease and hold for investment or otherwise, real estate of all kinds." 1 It has its business office address at suite 202 J & M Bldg., 7848 Makati Ave., Makati City. On November 3, 2003, petitioner's Certificate of Registration No. AS095-005660 was revoked by virtue of SEC Order dated September 30, 2003 for non-compliance with the Commission's reportorial requirements. Said Order was published in a newspaper of general circulation on October 4, 2003. Petitioner now prays for the setting aside of the said order of revocation based on the following grounds: a) There are real properties that belong to the Corporation, as shown by attached photocopies of the Transfer Certificate of Title in the Corporation name; b) The corporation has been in continuous operation as shown by attached Minutes of Shareholders meeting and Board Resolutions, as well as the corporate tax declaration for the year 2007, and an Agreement for Lease of the corporate property for the year 2007-2010. Attached also is the barangay clearance of the corporation; and c) Finally, considering that the corporation was not actively in the real estate business, we were not able to secure said Mayor's Permit within THIRTY (30) days after Approval of this Petition, inasmuch as it is the intention of the Corporation to actively engage in the real estate business beginning this year. In support of its petition, petitioner submitted the following: a) Tax Declaration No. 011-874A and Transfer Certificate of Title No. T-46106; b) Minutes of the Annual Meeting dated November 19, 2007, and December 15, 2007; c) Lease Agreement entered to by Wilbel Estate Realty Corporation and Rolando P. Gipulan dated August 28, 2007; d) 2007 General Information Sheet; and e) 2006 Audited Financial Statement stamped received by the BIR or its authorized agent. Petitioner further alleges that it has no intention to violate the law and any SEC rules and regulations and henceforth, commits to comply with the rules and regulations of the Commission regarding the submission of reports. It has also committed to pay immediately any penalties due by reason of its failure to comply with the Commission's reportorial requirements. In fact, it paid the penalty in full as evidenced by Official Receipt No. 0156648 dated April 9, 2008 amounting to TWENTY THREE THOUSAND FIVE HUNDRED PESOS (Php23,500.00). Consistent with its undertaking, Petitioner is hereby directed to submit its 2008 Mayor's Permit within thirty (30) days from date of receipt of this Order. Failure on the part of Petitioner to comply with this directive shall cause the recall of the instant Order. WHEREFORE, finding the petition meritorious, the Order of the Commission dated September 30, 2003 revoking the Certificate of Registration of WILBEL ESTATE REALTY CORPORATION is hereby SET ASIDE. Let a copy of this Order be furnished the Company Registration and Monitoring Department and the Economic Research and Information Department of this Commission for their appropriate action. SO ORDERED. Mandaluyong City. May 6, 2008. (SGD.) FE B. BARIN Chairperson (SGD.) MA. JUANITA E. CUETO Commissioner (SGD.) JESUS ENRIQUE G. MARTINEZ Commissioner (SGD.) RAUL J. PALABRICA Commissioner (SGD.) THADDEUS E. VENTURANZA Commissioner Footnotes 1. Second Article of Petitioner's Articles of Incorporation.