The draft prepared by the Yechury-led faction, which had favoured adjustment with the Congress to stop the BJP, was defeated in voting by the Kerala delegation led by politburo member Prakash Karat.
The Karat-led faction had opposed any sort of direct or indirect alliance with the Congress.
"The draft political resolution adopted after incorporating some amendments, states that there is no electoral alliance or understanding with the Congress," Yechury said.
The draft resolution, which was adopted on the concluding day of the three-day meeting here, will be released for discussion within the CPI (M) two months before the party congress scheduled in April.
The draft prepared by the victorious Karat-led faction will go for further discussions. It stood against any political understanding or adjustments with the Congress even though the primary objective was to defeat the BJP.
According to CPI(M) sources, Yechury had last night expressed his desire to quit from his post, stating it would be difficult for him to continue, if his political line was defeated in voting.
An urgent politburo meeting was also convened last night to take a call on the matter, but it failed to resolve it.
"The point is, what happens internally in the party, I don't need to say that here," Yechury said.
Party sources said, two draft political resolutions were placed in the central committee meeting.
The one that favoured adjustment with the Congress had the support of the party general secretary, the CPI(M) West Bengal unit and a large section of the Tripura unit.
The other draft was against any alliance with the Congress and proposed a broader unity of Left parties to stop the BJP, RSS. This was supported by Karat and the party's Kerala unit, the sources said.
However, both the draft had accepted that BJP, RSS was the "biggest threat the country was facing at present" and that it needs to be defeated.
Briefing reporters, Yechury said that the draft resolution was adopted after voting.
On whether he would tender his resignation as his political line had been defeated, Yechury said, "I am here as the general secretary of the CPI(M) as the politburo and the central committee says that I should be the general secretary of the CPI(M), so this answers your question."
A senior CPI(M) leader from Bengal, on the condition of anonymity, said the committee's decision would go against the interests of the West Bengal unit which was having a tough time tackling the BJP, which is trying to become the main opposition party in the state, and the ruling TMC.
Veteran CPI(M) leader V S Achuthanandan in an email to the party leadership had on Friday advocated for "forming a greater unity of the Left, secular and democratic forces including Congress".
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