In the case of Bases Conversion and Development Authority vs. CJH Development Corporation, et al., G.R. No. 219421, April 3, 2024, the Supreme Court upheld the RTC’s confirmation of the Final Arbitral Award of the tribunal in an arbitration case between the BCDA and CJH DevCo.
To recall, on February 11, 2015, the arbitral tribunal rendered its Final Award ruling that a mutual rescission of the agreements was warranted. As consequence thereof, the arbitral tribunal ordered a mutual restitution on account of breach of obligations from both parties. The parties were reverted as far as practicable to their original position prior to the execution of the original lease agreement. The dispositive portion of the Final Award.