Arvind, I suspect issue with your unix account, either it may not have enough privileges or possible ports blocked, you might need to engage your unix administrator to see no blocks or privilage issue during the JVM start up.
The issue happened because of a hotfix (SR-D19000 ) we received for an issue (Reindexing Work not working). When we did the rollback, the tables got corrupted. We received solution from pega team.
The cause of the issue is that the hotfix I shared earlier included a custom action to move the previous shipped hazelcast version to a separate codeset version on the next system startup. This ensures that the new version of hazelcast is loaded, and not the old one. Hotfix rollback was not aware of this custom action and so was not able to restore the original version of the hazelcast jar. To correct this, the you would need to execute custom SQL to restore the original version. Alternatively we have created this hotfix that applies the SQL automatically.
After installing this hotfix, the application server needs to be restarted. After restarting, the original hotfix can then be rolled back. As a side effect, this hotfix will end up being rolled back as well. This is okay, as it only needs to exist during the rollback process. This hotfix should never be ported to another release.
I've already tested this in my local Pega 7.4 setup, and it worked for me.