Yatra subsidiary resolves insolvency proceedings, retrieves deposit

Yatra Online Limited announced the resolution of corporate insolvency resolution proceedings (CIRP) against its wholly owned subsidiary, TSI Yatra Private Limited (TSI). The National Company Law Tribunal (NCLT) permitted the withdrawal of the Company Petition and CIRP, following a settlement agreement reached between TSI and Ezeego Travels & Tours Ltd.

Under the settlement, TSI paid 5,00,00,000/- along with CIRP costs of 6,25,400/- to Ezeego. This payment led to the disposal of an appeal by the National Company Law Appellate Tribunal (NCLAT), which also directed the refund of 4,03,19,100/- previously deposited by TSI under a stay order. The NCLAT had earlier stayed the admission order, conditional on this deposit.

The initial CIRP against TSI was admitted on October 15, 2024, by the NCLT based on a petition filed by Ezeego as an operational creditor. The resolution marks the conclusion of these proceedings.