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Page 1 of 26 Majority Stockholders of Ruby Industrial Corp vs. Lim G.R. No. 165887 June 6, 2011 THIRD DIVISION MAJORITY STOCKHOLDERS OF RUBY INDUSTRIAL CORPORATION, Petitioners, - versus - MIGUEL LIM, in his personal capacity as Stockholder of Ruby Industrial Corporation and representing the MINORITY STOCKHOLDERS OF RUBY INDUSTRIAL CORPORATION and the MANAGEMENT COMMITTEE OF RUBY INDUSTRIAL CORPORATION,  Respondents. G.R. No. 165887 x- - - - - - - - - - - - - - - - - - - - - - - - - -x  CHINA BANKING CORPORATION, Petitioner, - versus - MIGUEL LIM, in his personal capacity as a stockholder of Ruby Industrial Corporation and representing the MINORITY STOCKHOLDERS OF RUBY INDUSTRIAL CORPORATION, Respondents. G.R. No. 165929 June 6, 2011 x- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -x  DECISION VILLARAMA, JR., J .: This case is brought to us on appeal for the fourth time, involving the same parties and interests litigating on issues arising from rehabilitation proceedings initiated by Ruby Industrial Corporation wayback in 1983. Following is the factual backdrop of the present controversy, as culled from the records and facts set forth in the ponencia of Chief Justice Reynato S. Puno in Ruby Industrial Corporation v. Court of  Appeals. [1]  The Antecedents Ruby Industrial Corporation (RUBY) is a domestic corporation engaged in glass manufacturing. Reeling from severe liquidity problem s beginning in 1980, RUBY filed onDecember 13, 1983 a petition for suspension of payments with the Securities and Exchange Commission (SEC) docketed as SEC Case No. 2556. On December 20, 1983, the SEC issued an order declaring RUBY under suspension of payments and enjoining the disposition of its properties pending hearing of the petition, except insofar as necessary in its ordinary operations, and making payments outside of the necessary or legitimate expenses of its business. On August 10, 1984, the SEC Hearing Panel created the management committee (MANCOM) for RUBY, composed of representatives from Allied Leasing and Finance Corporation (ALFC), Philippine Bank of Communications (PBCOM), China Banking Corporation (China Bank), Pilipinas Shell Petroleum

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