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[G.R. No. 147839. October 16, 2006]
GAISANO CAGAYAN, INC. v. INSURANCE COMPANY OF NORTH AMERICA
First Division
Sirs/Mesdames:
Quoted hereunder, for your information, is a resolution of this Court dated OCT. 16, 2006 .
G.R. No. 147839 (Gaisano Cagayan, Inc. v. Insurance Company of North America)
On June 8, 2006, the Court rendered its Decision affirming with modification the Decision of the Court of Appeals dated October 11, 2000 ordering petitioner to pay the amount of P2,119,205.60 plus legal interest from the time of demand until fully paid to the respondent. The modification concerns the deletion of the P535,613.00 award which the RTC also ordered petitioner to pay to the respondent for lack of factual basis.
On June 17, 2006, petitioner filed a Motion for Reconsideration of the Court's aforesaid Decision. Before the Court could act on it, petitioner and respondent filed a Joint Motion to Dismiss on the ground that they have entered into an amicable settlement to their mutual satisfaction attaching thereto a copy of the Compromise Agreement. In the said Compromise Agreement, respondent received the amount of P2,119,205.60 foregoing interests of said amount in full and complete payment of the judgment amount. However, it appearing that the said Compromise Agreement does not bear the express conformity of the duly designated representative of respondent, the Court in its Resolution dated August 23, 2006, directed respondent to manifest through its designated representative that it confirms the provisions of the Compromise Agreement.
In compliance with the Resolution of August 23, 2006, respondent through its Claims Manager filed a Manifestation dated September 6, 2006 stating that respondent confirms the provisions of the Compromise Agreement and prays that its Manifestation be noted and the Compromise Agreement, to wit:
COMPROMISE AGREEMENT
KNOW ALL MEN BY THESE PRESENTS:
This Compromise Agreement executed by and between:
Gaisano Cagayan, Inc. (hereinafter "GCI"), a corporation organized and existing under Philippine Law with principal office at Corrales Street, Cagayan de Oro City and represented herein by Carmencita Uy Macazo
And
Insurance Company of North America (hereinafter "ICNA"), a foreign corporation licensed to do business in the Philippines with address at Afia-Monarch Building, Herrera corner dela Rosa Streets, Makati, Metro Manila as represented herein by its counsel of record, Astorga Repol Law Office, through Atty. Omar U. Obias
Witnesseth that--
Whereas CGI and ICNA are petitioner and respondent respectively in the above-captioned petition for review - the review is taken on the earlier judgments rendered in CA-G.R. CV No. 61848 and Civil Case No. 92-322;
Whereas, on or about 30 June 2006, judgment was rendered in the above-captioned case finding CGI liable to ICNA in the amount of Two Million One Hundred Nineteen Thousand Two Hundred Five 60/100 (P2,119,205.60) Pesos; and
Whereas, after receiving the foregoing judgment and pending reconsideration, parties have agreed to settle the matter amicably.
NOW THEREFORE, for and in consideration of the foregoing, parties hereby agree as follows:
1.� CGI shall pay ICNA the amount of Two Million One Hundred Nineteen Thousand Two Hundred Five (P2,119,205.60) Pesos by way of amicable settlement;
2.� Such payment shall be by way of Development Bank of the Philippines-Cagayan De Oro Branch Manager's Check No. 970429 payable to the "Insurance Company of North America" dated 4 August 2006, receipt of which by ICNA is hereby acknowledged.
3.� Such payment shall be deemed full and complete payment of any and all obligations and liabilities of CGI to ICNA under the causes of action in the above-captioned case.
4.� ICNA hereby waives and quits any further claim against CGI under any and all of the causes of action in the above-captioned case or any final ruling thereon as well as any interest, penalty, costs of suit, attorney's fees or other liabilities arising or that may arise from the above-captioned case and releases CGI, its assigns and successors-in- interest from any further obligation or liability.
5.� Parties shall jointly submit the same for the consideration and approval of the First Division of the Supreme Court and parties shall jointly and simultaneously move for the dismissal of the above-captioned case.
IN WITNESS WHEREOF, parties hereunto place their hands this ___ day of August 2006.
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For Insurance Company of N.A, (ICNA) |
For Gaisano Cagayan, Inc (GCI) |
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ASTORGA & REPOL LAW OFFICE Unit 2105 Philippine AXA Life
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By: |
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(Signed) |
(Signed) |
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OMAR U. OBIAS |
CARMENCITA UY MACAZO |
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As assisted by Counsel: |
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ATTY. LAWRENCE L. KO TEH Counsel for Petitioner Unit 4A Classica Manor, Corner PTR # 7823232/1-02-06/San Juan IBP # LRN04293 Lifetime Attorney's Roll # 36743 |
be approved.
CONSIDERING that the terms and provisions of the Compromise Agreement are not contrary to law, morals and public policy, the same is APPROVED. The case is considered closed and terminated.
SO ORDERED.
Very truly yours,
(Sgd.) ENRIQUETA
ESGUERRA-VIDAL
Clerk of Court
First Division
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