Su-Kam, the first-ever inverter company of India, was founded by Kunwer Sachdev in 1998. Sachdev came to be known as the 'inverter man of India', who envisioned the power backup company at the time when electricity crisis was at its peak in the country. Not only in villages, but the issue of power cuts was highly evident in cities too.
Sachdev, who was previously into the cable TV business, founded Su-Kam in 1998, with the aim to resolve the issue of power cuts. His business not only saw expansion in India, but in many countries of the world. It also served as a necessity in every household.
However, a mistake brought the company on the verge of being sold. It started to decline and later, was declared bankrupt.
Journey of Su-Kam:
When the company was launched in the market, many people returned it after buying, citing flaws. However, as it was re-launched in the market with a fresh version, it created a stir. Starting from India, the company was expanded to Nepal, Middle-east, Africa, Bangladesh among others.
How the company started to decline?
According to a report by News 18, Su-Kam, having seen its rapid growth, started to decline. Due to some personal reasons of founder Kunwer Sachdev, the company incurred debts of Rs 240 crores. The firm had enough funds to repay the loans. However, the banks filed a case against it in order to declare it 'bankrupt'.
As soon as the company was declared bankrupt, its command was handed over to Insolvency Resolution Professionals (IRP), following which, a message was sent to all the distributors and customers of the company that the service would no longer be available.
"The company built with three decades of hard work was closed down right in front of my eyes. A company which created its own market by competing with the big companies of America and China and gave global recognition to Indian products", News 18 has quoted Sachdev as saying.
A series of court cases:
Kunwer Sachdev, in a conversation with the news channel, said that following the closure of Su-Kam, court cases were filed against him one after another.
"Without any fault of mine, my respect built over years was destroyed. My dealers, distributors and customers gradually started leaving the company due to lack of service. I was not able to help them even if I wanted to, because all the assets of the company were in the possession of the banks", he said.
