Indian online travel booking company Yatra has terminated a pending merger agreement with Atlanta-based software company Ebix and filed a lawsuit seeking “substantial damages” for alleged breach of the terms of the agreement.

In July last year, Ebix announced its intention to acquire Yatra, giving the Indian company an enterprise value of $ 337.8 million, with the aim of strengthening its position in the Indian hotel market and plane tickets.

Late Friday Ebix noted he had provided notice of termination of the agreement. In his complaint, Yatra said he seeks to “hold Ebix liable for breaches of its representations, warranties and undertakings in the merger agreement and an ancillary extension agreement, and seeks substantial damages,” a- he said in a statement.

“As detailed in the complaint, Ebix’s conduct violated the material terms of the agreements and frustrated Yatra’s ability to complete the transaction and secure the benefit of the Yatra deal for Yatra shareholders,” he said. he adds.

Ebix did not respond to a request for comment.

Yatra also shared an update on her finances on Friday, saying she has implemented several cost-saving measures, including cutting executive salaries company-wide by half to deal with the coronavirus pandemic which has put an end to most travel and hospitality activities around the world.

The company said as of June 4, it had $ 32.5 million in total available cash and that its current monthly fixed operating cost was around $ 1.2 million.

Yatra, which went public in 2016 following a reverse merger with the listed company Terrapin 3 Acquisition Corporation, counts among its shareholders Network18, Reliance Capital, Macquarie Group and Rotation Capital. It manages real-time reservations for more than 108,000 hotels and home stays in India and more than 1.5 million hotels worldwide, he said.