Bp 22 Compromise Agreement

The petitioner purchased jewellery from Solid Gold International Traders, Inc., a company involved in the jewellery trade. Due to its non-payment of the purchase price, Solid Gold brought civil proceedings [2] against it for certain services before the Regional Court. On 17 September 1990, the petitioner and Solid Gold, through its Director General Joaquin Novales III, entered into a compromise agreement to settle these civil cases. [3] The compromise agreement approved by the Procedural Tribunal provided that the plaintiff was to issue a total of eighty-nine ex post cheques of P50,000.00, respectively on 15 and 30 of the month from 1 October 1990, and the balance of more than P1 Million, payable on a flat-rate basis on 16 November. 1994, which is also the due date of the 99th and last ex post verification. The pedentine issued ten checks of P50,000.00 each for a total of P500,000.00, drawn on her account with Equitable Banking Corporation (EBC), Grace Park, Caloocan City Branch. Novales then deposited each of the ten cheques on their respective due dates with the Far East Bank and Trust Company (FEBTC). However, these cheques were disgraced by EBC for the reason of “closed accounts”. For each cheque returned to Novales, dishonor notes were issued. [4] When Romy was sued in the Municipal Trial Court (MTCC) for violating the Driving Control Act (BP 22), during which he had issued bad cheques totalling P330,000, he entered into a compromise agreement with the complainant, in which he promised to pay this sum in monthly instalments of P50,000. On the basis of this agreement, the criminal proceedings were provisionally closed and the MTCC issued a judgment on this basis. . .

.