India, July 1 -- Cab-hailing company Meru Travel Solutions (Meru Cabs), whose consumer mobility business now operates under the Alyte brand, has withdrawn its seven-year-old competition appeal against ride-hailing giants Ola and Uber before the National Company Law Appellate Tribunal (NCLAT).

Meru Cabs told the NCLAT that financial constraints and the prolonged impact on its business have left it unable to continue pursuing the appeal.

A division bench allowed Meru to unconditionally withdraw the appeal after the company said it was no longer in a position to pursue the litigation.

According to the NCLAT order, Meru has been "struggling with severe impact on its operations and revenues" for a considerable period, affecting its ability ...