FIRST DIVISION
[G.R. No. 239547. August 15, 2018.]
PRODUCERS SAVINGS BANK CORPORATION, petitioner, vs.SOUTHERN LUZON TECHNOLOGICAL COLLEGE FOUNDATION, INC., respondent.
NOTICE
Sirs/Mesdames :
Please take notice that the Court, First Division, issued a Resolution datedAugust 15, 2018which reads as follows: HTcADC
"G.R. No. 239547 — Producers Savings Bank Corporation vs. Southern Luzon Technological College Foundation, Inc.
The Motion for Extension of Time filed by the petitioner seeking an additional period of thirty (30) days from the expiration of the reglementary period on June 14, 2018 within which to file its Petition for Review on Certiorari is hereby GRANTED.
Considering the allegations, issues, and arguments adduced in the instant Petition for Review on Certiorari, the Court resolves to DENY the same for failure to show that the Court of Appeals in CA-G.R. SP No. 144853 committed any reversible error.
We agree in toto with the line of reasoning of the Court of Appeals. Under the circumstances where there was no deliberate delay on the part of the respondent during the proceedings, we find warranted the application of liberality in construing the rules of procedure in this particular case. Section 3 of A.M. No. 12-12-11-SC (Financial Rehabilitation Rules of Procedure [2013]), explicitly states:
CONSTRUCTION OF RULES. — These rules shall be liberally construed to promote a timely, fair, transparent, effective, and efficient rehabilitation of debtors, in accordance with the declared policy of the Act.
Moreover, we note that under Section 72 of Republic Act No. 10142, known as the FRIA of 2010, the court has a maximum period of one year from the date of filing of the petition to confirm a Rehabilitation Plan. Respondent in this case had already moved for confirmation of the Rehabilitation Plan within the one-year period. As correctly stated by the Court of Appeals, the trial court dismissed the rehabilitation case strictly on the ground of technicality instead of ruling on the merits.
ACCORDINGLY, the Court hereby resolves to AFFIRM the assailed November 24, 2017 Decision and May 8, 2018 Resolution of the Court of Appeals in CA-G.R. SP No. 144853. CAIHTE
SO ORDERED." Peralta, J., designated as Acting Chairperson of the First Division per Special Order No. 2582 (Revised) dated August 8, 2018; Gesmundo, J., designated as Acting Member per Special Order No. 2560 dated May 11, 2018.
Very truly yours,
(SGD.) LIBRADA C. BUENAActing Division Clerk of Court