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	GR No. 165887 2011-06-06	MAJORITY STOCKHOLDERS OF RUBY INDUSTRIAL CORPORATION v. MIGUEL LIM VILLARAMA, JR., J.
In the case of Union Bank of the Philippines v. Concepcion,[77] the Court is presented with the issue of whether the SEC had jurisdiction to proceed with insolvency proceedings after it was shown that the debtor corporation can no longer be rehabilitated. We held that although jurisdiction over a petition to declare a corporation in a state of insolvency strictly lies with regular courts, the SEC possessed ample power under P.D. No. 902-A, as amended, to declare a corporation insolvent as an incident of and in continuation of its already acquired jurisdiction over the petition to be declared in a state of suspension of payments in the two instances provided in Sec. 5 (d)[78] thereof.