Cebu—(PHStocks)—SPC Power Corp. (PSE: SPC) purchased the Naga Power Plant Complex (NPPC) after exercising its “right-to-top” (RTT) the bid of Therma Power Visayas Inc. (TPVI). The RTT was pursuant to the Land Lease Agreement (LLA) with PSALM that was executed when the Land-based Gas Turbines (LBGT) were acquired by SPC in 2010.
On 26 June 2014, Sergio Osmena III filed a “Petition for Certiorari with Application for Temporary Restraining Order and/or Writ of Preliminary Injunction” against PSALM, SPC and TPVI with the Supreme Court (SC) questioning the validity of SPC’s right to top. The Supreme Court (SC) per decision promulgated on September 28, 2015, declared SPC’s right to top as null and void; and consequently the APA and LLA over the NPPC, executed between PSALM and SPC was annulled and set aside.
SPC filed its Motion for Reconsideration of the SC Decision dated 28 September 2015. On 9 December 2015, the SC resolved to deny the Motion for Reconsideration. Thus, a Motion for Leave to File and Admit the Attached Urgent Motion for Second Reconsideration and/or Referral to the En Banc was filed by SPC on 2 February 2016. However, on 6 April 2016, the Supreme Court issued a Notice where it resolved among others to deny the said Motion For Leave and noted without action, the Urgent Motion for Second Reconsideration and /or Referral En Banc.