CONSOLIDATED BANK AND TRUST CORPORATION AND ANTONIO P. MADRIGAL, PETITIONERS, VS. HON. UNION C. KAYANAN, STA. CECILIA SAWMILLS INC., AND EUGENIO Q. PALILEO, RESPONDENTS.

In this special civil
action for certiorari, petitioners filed on June 4, 1970 a manifestation and
motion stating the following:  “1.  On April 29, 1970,
the Court of First Instance of Quezon rendered its
decision in Civil Case No. C-222, entitled ‘Sta. Cecilia Sawmills, Inc.,
plaintiff vs. Veneer Trading & Develop­ment Corporation, Roberto Sabido and Roberto Siy,
defendants,’ approving, among other things, the ‘Compromise Agreement’ dated November 15,
1967, that was executed by the aforementioned plaintiff and defendants
in said Civil Case No. C–222.
* * *; 2. 
Paragraph 6 of the Said ‘Compromise Agreement’ reads as follows:  ‘6.  The plaintiff
likewise recognizes and confirms the validity of the assignment executed by the defendant Veneer Trading & Development Corporation,
as attorney-in-fact of Sta. Cecilia Sawmills,
Inc., to the Consolidated Bank & Trust Corpo­ration of the export proceeds
that it derived from the negotiation of the letters of credit to pay off the
overdraft line, loans and credit accommodations that the said bank extended to the defendant Veneer
Trading & Development Corporation and the plaintiff for the purpose of financing the operation of
the plaintiff’s Veneer and cold press
mills at Calawag, Quezon,
in accordance with the ‘Lease of
Services with Profit Participation.’; 3. 
With the approval of the aforesaid Compromise Agreement,
containing the above admission and confirmation
by the Sta. Cecilia of the validity of the assignment of the export
proceeds involved in the instant proceeding, by Veneer Trading and Development
Corporation, to the petitioners, the various
issues raised by the parties in the case at bar have become academic.”  It is therein preyed “that he Honorable
Court issue an order dismissing the instant petition
for certiorari without pronouncement as
to costs.”

It thus appears that petitioners, with the above admission and
confirmation by respondent Sta. Cecilia Sawmills of the validity of the
assignment of the export proceeds involved in this proceeding having obtained what was sought in this special civil action, have no further
reason as indicated in their prayer for pursuing this special proceeding.

WHEREFORE, the instant petition for certiorari is dismissed.  Without pronouncement as to
costs.

Concepcion, C.J., Reyes, J.B.L., Dizon, Makalintal, Zaldivar, Castro, and
Barredo, JJ., concur.

Teehankee and Villamor, JJ.,
did not take part.