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FIRST DIVISION

G.R. No. L-36869 August 26, 1974

LINSANA OVERLAND TRANSPORTATION COMPANY INC., CIPRIANO S. ALLAS, REMEDIOS M. ALLAS, DAISY A. ALLAS and SANTIAGO ENRIQUEZ, Petitioners, vs. THE HONORABLE COURT OF APPEALS and REPUBLIC BANK, Respondents.

TEEHANKEE, J.:

The Court approves the compromise agreement submitted by parties with the assistance of their respective counsel for the amicable settlement of their case involving recovery of a sum of money and renders judgment in accordance with the terms thereof.chanroblesvirtualawlibrarychanrobles virtual law library

The petition originally sought the setting aside of respondent appellate court's resolutions of March 21, 1973 and April 30, 1973 dismissing motu proprio petitioners-appellants' appeal for having been purportedly filed twenty-eight (28) days late on the face of the record on appeal notwithstandingthe lapse of two (2) years and ten (10) months that the case had been submittedfor decision with the filing of the parties' briefs and prayed that respondentcourt be ordered to decide the appeal on its merits.chanroblesvirtualawlibrarychanrobles virtual law library

The appealed judgment of the Manila court of first instance in favor of respondent-appellee as plaintiff and against petitioners-appellants as defendants had provided as follows:chanrobles virtual law library

Judgment is, therefore, rendered ordering all Defendants, jointly and severally, with the exception of Chita Allas, to pay plaintiff the sum of P54,320.00 with interest thereon at the rate of 10% per annum from December 27,1966 until fully paid, plus the sum of P5,000.00 as attorneys' fees and to paythe costs.chanroblesvirtualawlibrarychanrobles virtual law library

Pending the proceedings at bar, the Court suspended the same at the parties' instance to enable them to reach an agreement for the amicable settlement of the case. On August 19, 1974, the parties submitted the following:chanrobles virtual law library

MOTION FOR COMPROMISE JUDGMENTchanrobles virtual law library

COME NOW the parties, except the respondent court, assisted by their respectivecounsel and to this Honorable Court respectfully state that:

They have now finally reached an agreement for the amicable settlement of this case, to wit:chanrobles virtual law library

1. The principal obligation in the entire amount of P33,000.00 is considered discharged, the same having been paid in full thru several installment payments during the pendency of this appeal by petitioner CiprianoS. Allas, who assumed personally this obligation.chanroblesvirtualawlibrarychanrobles virtual law library

2. The total interests due on said principal is reduced to only P30,000.00,and the same shall be paid within one (1) year from the date of final judgmentbased on this compromise agreement, plus attorney's fees in the amount of P2,000.00.chanroblesvirtualawlibrarychanrobles virtual law library

3. If these are not so paid, then respondent Bank shall be entitled to theimmediate issuance of a writ of execution for the satisfaction of said judgmentwith interest at 12% per annum out of the leviable properties of petitioner Cipriano S. Allas.

WHEREFORE, it is respectfully prayed that this compromise agreement be approvedand the judgment appealed from affirmed but its dispositive portion modified inaccordance with the terms thereof, without pronouncement as to costs.chanroblesvirtualawlibrarychanrobles virtual law library

Manila, August 12, 1974.

(Sgd.) CIPRIANO S. ALLAS REPUBLIC BANK Petitioner Respondent.chanroblesvirtualawlibrarychanrobles virtual law library

By: (Sgd.) PABLO R. ROMAN Presidentchanrobles virtual law library

REMEDIOS M. ALLAS
DAISY A. SANCHEZ
SANTIAGO ENRIQUEZ ASSISTED BY: (Sgd.)RAFAEL S. SANTAYANA Counsel for the Respondent 6th Floor, Republic Bank Bldg. 277 Escolta, Manila BY: (Sgd.) LORENZO LEYNES
Allas, Leynes & Associates
Attorney of Petitioner
Suite 402 Martinez Bldg.
378 Dasmarinas Street
Manila

The Court finds the compromise agreement to be in order and therefore approves the same.chanroblesvirtualawlibrarychanrobles virtual law library

ACCORDINGLY, as prayed for, judgment is hereby rendered approving the compromise agreement as hereinabove reproduced and the appealed judgment is affirmed but it is modified in accordance with the terms of the compromise agreement. Without costs.