6/8/2020 E-Library - Information At Your Fingertips: Printer Friendly 478 Phil. 260 SPECIAL FIRST DIVISION [ G.R. No. 111159, July 13, 2004 ] NORDIC ASIA LIMITED (NOW KNOWN AS DNC LIMITED) AND BANKERS TRUST COMPANY, PETITIONERS, VS. THE HONORABLE COURT OF APPEALS, NAM UNG MARINE CO., LTD., KIM JEONG SEONG, P. U. ULSTRUP, BAK JEONG RANG, SIN SUK NO, HWANG IN CHAN, O JEONG SUK, LEE MYUNG UNG, CHAE DOO EUP, SEOK HAEONG JO, KIM YONG JIN, KIM BU YUL, JEONG DONG SONG, LEE ON CHUN, GYEONG GI GIM, MUN KU HAN, SEUNG HO AN, BYANG YEOL YANG, SEOG MAN HAN, KIM JUNG GON, LEE DONG HWA, LEE MOON HYEONG, SEONG MUG JANG, HAN IL IM, SANG MYEONG GIM, WOO JEONG SUL, GIL HUN GIM, CHAE DONG CHONG, RESPONDENTS. RESOLUTION AZCUNA, J.: This is to resolve petitioners’ motion for reconsideration of the decision rendered by the Court on June 10, 2003. As a brief background: On May 26, 1981, Sextant Maritime, S.A., (Sextant) borrowed US$5,300,000 from petitioners Nordic Asia Limited and Bankers Trust Company. The loan amount was used by Sextant to purchase the vessel M/V “Fylyppa.” As security for the loan, a First Preferred Mortgage over the vessel M/V “Fylyppa” was constituted in favor of petitioners. Sextant eventually defaulted on the loan, prompting petitioners to institute extrajudicial foreclosure proceedings under P.D. 1521.[1] By coincidence, the same day that extrajudicial proceedings were instituted, respondents Nam Ung Marine Co., Ltd., manning agent of the vessel, and twenty-seven (27) crew members filed a collection case before the Regional Trial Court of Manila (RTC). The object of the suit was to claim their preferred maritime liens under the Code of Commerce and P.D. 1521, consisting of unpaid wages, overtime pay, allowances and other benefits due to them for services rendered on board the vessel and for the manning and provisioning thereof. Impleaded defendants were M/V “Fylyppa” (the vessel), Maritime (the registered owner of the vessel), P.V. Christensen Lines (time-charterer of the vessel), Theil Bolvinkel Shipping, A.S. (ship manager) and Jibfair Shipping (the alleged local ship agent of the vessel). After filing the complaint, the manning agent and the crewmen were able to cause the arrest of the vessel. Upon learning of the collection case, petitioners filed with the RTC a motion for leave to intervene in the collection case. Petitioners alleged that they hold a mortgage over the vessel and that their intervention is only for the purpose of opposing the crew elibrary.judiciary.gov.ph/thebookshelf/showdocsfriendly/1/45348 1/5