This is the fourth resignation by party's State Executive Committee (SEC) member in two months.
Lomte was a senior AAP leader and a member of SEC, which runs party affairs in Maharashtra.
He resigned from all party posts citing "lack of democracy" in the Arvind Kejriwal-led outfit and joined Swaraj Samwad, launched by Bhushan and Yadav who were expelled from AAP in April for "indiscipline and anti-party activities."
Earlier, former SEC members Maruti Bhapkar, Manav Kamble and Savita Shinde had bid goodbye to Aam Aadmi Party decrying "democracy deficit" in the party, later joining Swaraj Samwad.
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"There was no scope left for me to remain in the party after our leaders Yogendra Yadav, Prashant Bhushan along with two other senior leaders were booted out from the party after strangulating democracy," Lomte told PTI.
"So I decided to part ways with AAP and serve the cause of Swaraj Samwad that fits with my ideology and mission to address the issues of farmers countrywide," said Lomte, Convenor of National Campaign Committee for Rural Workers.
"Our leaders Prashant and Yogendra had warned against the possible entry of opportunists and tainted people (in AAP). But their suggestions were rejected by Kejriwal and the party is now paying the price," he said.
Meanwhile, AAP downplayed the resignation of Lomte and said his exit will not affect the party.
"Such exits would not affect AAP in Maharashtra which is going ahead with its Shetkari Samwad Yatra (dialogue with farmers) and taking up many people-related issues," senior AAP leader and SEC member Ravi Srivastav said.