Case Digest on Obligations and Contracts: Waiver of a Compromise Agreement - Doña Adela Export International v. Trade and Investment Development Corporation (TIDCORP), and the Bank of the Philippine Islands (BPI) G.R. No. 201931
Doña Adela Export International, Inc. v. Trade and Investment Development Corporation (TIDCORP), and the Bank of the Philippine Islands (BPI) G.R. No. 201931, February 11, 2015 Facts: Sometime in 2006, Doña Adela Export International, Inc., (DAEI) filed a Petition for Voluntary Insolvency. RTC issued an order declaring it insolvent and staying all civil proceedings against it. Sometime in August 2011 TIDCORP and BPI as creditors of DAEI filed a Joint Motion to Approve Agreement which contained among others a waiver of confidentiality clause wherein DAEI and the members of its Board of Directors shall waive all rights to confidentiality provided under the Law on Secrecy of Bank Deposits and The General Banking Law of 2000. The RTC approved the compromise agreement between BPI and TIDCORP. DAEI filed a motion for partial reconsideration and claimed that TIDCORP and BPI‘s agreement imposes on it several obligations such as payment of expenses and taxes and waiver of confidential...