Real Estate
Noida: Jaypee Infratech Ltd’s Managing Director and Chief Executive Officer Aalok Champak Dave has resigned from the company citing personal reasons. The company has appointed Abhijit Gohil as the new Chief Executive Officer (CEO).
“We wish to inform you that that the Company has received intimation dated 13th November, 2024 from Mr. Aalok Champak Dave, Managing Director & Chief Executive Director of the company, conveying his resignation due to personal reasons from the position of: 1. Chief Executive Officer with effect from closing hours of 24th November 2024; and 2. Managing Director / Director with effect from close of business hours on 30th November 2024, due to personal reasons,” the company said in a regulatory filing.
Dave joined Suraksha Group in 2015 and has been involved in the process of acquiring Jaypee Infratech for the last six years.
Meanwhile, Jaypee Infratech Ltd has reported a consolidated net profit of ₹88.20 crore for the September quarter. The company had posted a net loss of ₹588.31 crore in the year-ago period. Total income declined to ₹222.86 crore in the second quarter of the 2024-25 fiscal year from ₹357.92 crore in the corresponding period of the previous year, according to a regulatory filing on November 15.
The back story
Mumbai-based Suraksha Group took control over the embattled real estate firm Jaypee Infratech in June this year by constituting a three-member board giving relief to more than 20,000 homebuyers whose investments are stuck across various projects being developed in Delhi-NCR. The takeover followed the insolvency appellate tribunal NCLAT decision on May 24, 2024, upholding Suraksha Group’s bid to acquire JIL. The date of the NCLAT order, May 24, has been treated as the ‘Approval Date’ as defined in the approved resolution plan.
The NCLAT had directed Suraksha Group to pay an additional ₹1,334 crore to Yamuna Expressway Industrial Development Authority (YEIDA) as farmers. Many players, including YEIDA have filed petition in the Supreme Court against the NCLAT order and the matter is sub-judice.
After taking control of the JIL, Suraksha Group has been infusing funds as well as preparing for commencing the construction of stalled housing projects where around 20,000 homebuyers have invested.
Jaypee Infratech went into Corporate Insolvency Resolution Process (CIRP) on August 9, 2017 over an application by the IDBI Bank-led consortium. On March 7 last year, the NCLT approved the bid of the Suraksha group to buy JIL. However, many parties, including YEIDA, filed a petition in the NCLAT challenging the NCLT order.