Personal insolvency of Kunwer Sachdev

Personal Insolvency: The court has ordered me to sell all my assets to repay the remaining debts that the company’s creditors could not recover. Su-kam Power Systems Ltd. was sold for Rs 49.50 crores only during the Corona period when no one was selling, buying, or meeting with the liquidator and creditor banks. Out of which, the banks got a mere 8 Crores as the CIRP cost was more than 45 Crores, which was incurred to run the company for one year only. No bank or creditors invested any funds to keep the company running or alive; instead, they kept spending money from the stressed company funds. It’s a heartbreaking reality that the COC, RP and liquidator destroyed the company I once cherished in front of me.

• Resolution Professional: NCLT has appointed Mr. Umesh Goyal as the Resolution Professional to oversee the insolvency proceedings.

• Request for Creditors: I urge all creditors to contact Mr. Umesh Goyal to initiate the process of resolving their claims. His contact numbers are in the advertisement attached here.

I want to clarify that I have no affiliation with Su-kam Power Systems Ltd. or its new owners, Mr Navraj Mittal and others. The Su-kam brand is in litigation under the Delhi High Court’s double bench.

Su-kam Power Systems Ltd., once a beacon of innovation in the power, has faced insurmountable financial challenges in recent years. New owners now own the company, Mr Navraj Mittal and others.

This declaration of personal insolvency is a devastating blow to me on financial and emotional levels. It’s a heartbreaking reality that I may now lose my only house and whatever is left in my name after losing my company, which was my first baby.

Whenever we take a loan from any institution or signing an agreement of Investment, please read the fine lines and check about the personal guarantee clause which may be a nightmare in future in case of business failure.