Mumbai: A prime Pedder Road flat at the heart of a bitter family and financial dispute was seized by JC Flowers Asset Reconstruction Company (ARC) on Monday, following an eviction notice served on its occupant, Alokkumar Kasliwal, the son of renowned textile baron Shankarlal Kasliwal.
The 2-BHK apartment, valued at Rs10 crore, was taken over after default on a loan that has reportedly swelled from Rs 40 crore to Rs 85 crore due to non-payment.
Advocate Jaikumar Shiradhonkar, representing Alokkumar, confirmed the action. “My client called to inform me that the property has been seized by the bank. However, my client’s family has not yet moved their personal belongings from the flat,” he said.
Alokkumar, who claims he has lived in the flat since 1963, alleged that the flat was fraudulently used as collateral by his stepbrother Abhayakumar’s sons – Ambuj and Warij Kasliwal – to obtain a Rs40 crore loan, which was never repaid. As a result, the dues inflated to Rs85 crore.
Following the issuance of the eviction notice, Shiradhonkar said they immediately moved the Debt Recovery Tribunal (DRT), seeking a stay on the eviction. “Despite our application, the eviction was not stopped. However, I’ve advised my client not to lose hope. We will pursue all legal remedies available to reclaim the property,” the advocate said.
The dispute is linked to a loan allegedly sanctioned by Yes Bank and was classified as a non-performing asset (NPA). Alokkumar filed a case against the bank, which he claims is still pending before the court. Meanwhile, the NPA account was transferred to JC Flowers Asset Reconstruction Company (ARC), which then secured a possession order from a magistrate court, leading to Monday’s seizure.
The Kasliwal family, once among the most prominent names in Mumbai’s textile circles, now finds itself embroiled in an intense legal battle over ownership and financial accountability.
