Hi Gmatblast,
Here is the way I solved it.
B(ombay)..............M(eeting Point)..............................................D(elhi)
Let X with average speed of 'a' start from B and Y with average speed of 'b' start from D and meet at M.
Since both X and Y started simultaneously from B and D, they take the same time to travel the distance BM and MD respectively.
So, BM/a = DM/b ..........(1a)
BM/DM = a/b ..........(1)
Now X travels MD in 16 hours and Y travels MB in 9 hours.
So, MD/a = 16 ..............(2a)
MB/b = 9 ..............(2b)
Hence, BM/MD = (9/16)(b/a) ............(2)
From (1) and (2),
(a/b)^2 = (9/16)
or, (a/b) = (3/4)
I hope this helps.