  We consider the multicomponent Yajima-Oikawa (YO) system and show that the
two-component YO system can be derived in a physical setting of three-coupled
nonlinear Schr\"odinger (3-CNLS) type system by the asymptotic reduction
method. The derivation is further generalized to multicomponent case. This set
of equations describes the dynamics of nonlinear resonant interaction between
one-dimensional long-wave and multiple short-waves. The Painlev\'e analysis of
the general multicomponent YO system shows that the underlying set of evolution
equations is integrable for arbitrary nonlinearity coefficients which will
result in three different sets of equations corresponding to positive, negative
and mixed nonlinearity coefficients. We obtain general bright $N$-soliton
solution of multicomponent YO system in the Gram determinant form by using
Hirota's bilinearization method and explicitly analyze the one- and two-soliton
solutions of the multicomponent YO system for the above mentioned three choices
of nonlinearity coefficients. We also point out that the 3-CNLS system admits
special asymptotic solitons of bright, dark, anti-dark and grey types, when the
long-wave--short-wave resonance takes place. The short-wave component solitons
undergo two types of energy sharing collisions. The solitons appearing in the
long-wave component always exhibit elastic collision whereas that of short-wave
components exhibit standard elastic collisions only for specific choice of
parameters. We have also investigated the collision dynamics of asymptotic
solitons in the original 3-CNLS system. For completeness, we explore the
three-soliton interaction and demonstrate the pair-wise nature of collision and
unravel fascinating state restoration property.
