Yatra Online Limited , a prominent player in the Indian online travel industry, has successfully concluded its insolvency dispute with the completion of Corporate Insolvency Resolution Process (CIRP) withdrawal for its wholly owned subsidiary TSI Yatra Private Limited. The National Company Law Tribunal (NCLT) has approved the withdrawal application, marking the final resolution of the complex legal battle with Ezeego Travels & Tours Ltd.

NCLT Approves CIRP Withdrawal

Following the settlement agreement reached between the parties, the Interim Resolution Professional (IRP) filed an application under Section 12A of the Insolvency and Bankruptcy Code seeking withdrawal of the CIRP. The NCLT has now allowed this application and permitted withdrawal of both the Company Petition and the CIRP proceedings.

Settlement Details and Financial Impact

The resolution involved a comprehensive settlement package that has now been fully executed:

The settlement amount had been previously accounted for in the company's books, ensuring no additional financial impact on Yatra Online's statements. The refund of the deposit amount provides additional financial relief to the subsidiary.

Background and Resolution Timeline

The dispute originated from a petition filed by the Liquidator of Ezeego Travels & Tours Ltd. (currently under liquidation) against TSI Yatra Private Limited. The case progressed through multiple legal stages:

1. October 15, 2024: NCLT admitted TSI Yatra into CIRP
2. October 18, 2024: NCLAT stayed the admission order conditional on ₹4.03 crore deposit
3. October 23, 2024: TSI complied with deposit requirement
4. November 19, 2025: Settlement agreement executed
5. December 23, 2025: NCLT approved CIRP withdrawal and deposit refunded

Strategic Implications

This successful resolution demonstrates Yatra Online's effective approach to managing subsidiary-related legal challenges. The completion of the withdrawal process removes all regulatory uncertainties and allows TSI Yatra Private Limited to resume normal business operations without any insolvency-related restrictions.

The resolution also showcases the company's commitment to maintaining clean corporate governance and resolving disputes through structured settlement mechanisms. With the legal proceedings now fully concluded and deposits refunded, Yatra Online can focus entirely on its core travel business operations in the competitive online travel market.

Yatra Online has successfully completed its postal ballot process for director appointment, achieving overwhelming shareholder support and resolving regulatory compliance issues. The company announced the official results through regulatory filings submitted to stock exchanges on December 19, 2025.

Postal Ballot Results Demonstrate Strong Support

The postal ballot conducted through remote e-voting concluded on December 18, 2025, with exceptional shareholder participation and approval. The voting process, monitored by appointed scrutinizer Mr. Shashikant Tiwari from Chandrasekaran Associates, demonstrated strong consensus among the shareholder base.

Director Appointment and Regulatory Compliance

The postal ballot approved the appointment of Mr. Roshan Chanaka Nirmal Mendis (DIN: 11292182) as Non-Executive, Non-Independent Director of the company. Mr. Mendis was initially appointed as Additional Director with effect from September 26, 2025, and the shareholder approval formalizes his position on the board.

E-voting Process and Scrutinizer Report

The company utilized National Securities Depository Limited (NSDL) platform for the remote e-voting process. Notice dispatch was completed on November 17, 2025, through electronic mode to shareholders whose email IDs were registered with depositories or the registrar. The scrutinizer's report confirmed the validity of all voting procedures and compliance with regulatory requirements.

Corporate Governance Enhancement

This appointment addresses the company's board composition requirements under SEBI Listing Regulations. The successful completion of the postal ballot process with such overwhelming support demonstrates strong shareholder confidence in the board's decisions and the company's commitment to maintaining proper corporate governance standards.