AdvertisementPrash Beverages LLP. Vs Canara Bank (Karnataka High Court) The Karnataka High Court considered a writ petition seeking quashing of a demand notice dated 18.01.2025 issued by the first respondent under Sections 25 to 28 of the Recovery of Debts & Bankruptcy Act, 1993 read with Rule 2 of the Second Schedule to the Income-tax Act, 1961 in O.A. The petitioners also sought six months’ time to enable the second petitioner to settle the respondent bank’s loan under a one-time settlement for Rs. 30 lakhs, along with other appropriate reliefs. The Court heard the submissio...