Aalok Champak Dave, the Managing Director and Chief Executive Officer of Jaypee Infratech Ltd, has stepped down from his position due to personal reasons. The corporation has designated Abhijit Gohil as the new Chief Executive Officer (CEO).
Dave became part of Suraksha Group in 2015 and has participated in the acquisition of Jaypee Infratech over the past six years.
In the meantime, Jaypee Infratech Ltd has announced a combined net income of Rs. 88. 20 crore for the quarter ending in September 2024. The corporation had recorded a net deficit of ₹588. 31 crore in the same period last year. The aggregate revenue reduced to Rs. 222. 86 crore in the second quarter of the 2024-25 financial year from Rs. 357. 92 crore in the corresponding period of the prior year, as per a regulatory submission on November 15.
The Mumbai-headquartered Suraksha Group assumed command of the distressed real estate company Jaypee Infratech in June this year by establishing a three-person board, providing respite to over 20,000 homeowners whose funds are locked in numerous projects under development in Delhi-NCR. The acquisition ensued the bankruptcy appellate tribunal NCLAT ruling on May 24, 2024, affirming Suraksha Group’s offer to procure JIL. The date of the NCLAT ruling, May 24, has been considered the ‘Approval Date’ as specified in the authorized resolution proposal. The NCLAT instructed Suraksha Group to provide an extra Rs. 1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) for the benefit of the farmers. Several stakeholders, such as YEIDA, have lodged a legal appeal in the highest court challenging the NCLAT decision, and the issue is currently under judicial review.
Following the acquisition of JIL, Suraksha Group has been injecting capital and gearing up to initiate the development of paused residential ventures, in which approximately 20,000 property purchasers have placed their investments.
Jaypee Infratech entered the Corporate Insolvency Resolution Process (CIRP) on August 9, 2017, following a petition filed by the consortium led by IDBI Bank. On March 7th of the previous year, the NCLT sanctioned the offer of the Suraksha conglomerate to acquire JIL. Nevertheless, numerous entities, such as YEIDA, submitted a plea in the NCLAT disputing the NCLT decree.