Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 344

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 344
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,701,641 |
| Less : Imputed                                  
 Interest                                        |     |                 |   503,762 |     |         |   737,429 |     |           |   725,982 |     |         | 1,345,957 |
| Total                                           
 Lease Liabilities                               |     | $               | 1,375,223 |     | $       | 5,738,239 |     | $         | 1,751,425 |     | $       | 6,355,684 |

During the year ended March 31, 2024, the Company has terminated the operating lease with M/s Siddharth Assets against which lock-in period rental expense and liability amounting to $ 66,915has been recorded.

An amount of $ 363,545and $ 369,007which is receivable from Leaseplan India Private Limited has been netted off with lease liability balance as on March 31, 2024 and March 31, 2023 respectively.

As of March 31, 2024, the Company continues to default on EMI payments for November 2023 to March 2024 owed to Leaseplan India Private Limited (Lender). The total lease commitment balance as of March 31, 2024 is $ 5,692,363(including $ 813,976of defaulted lease rentals). In adherence to the agreement, the Company has accumulated penal interest at a simple interest rate of 1% per month on the overdue EMIs, amounting to $ 43,063for the year ended March 31, 2024.

As per the terms of the agreement, an additional simple interest of 1.5% per month is levied on the overdue amount as it is still unpaid after 60days from date of default. In accordance with the agreement, the lender is entitled to any of the below 6 remedies on account of non-payment of lease rentals by the Company:

| a) | withdrawal of conditional waiver                                                                      
 of $1.2                                                                                               
 million (INR 10                                                                                       
 crores) given during restructuring and shall become immediately due and payable with interest of 1.5% 
 per month;                                                                                            |

| b) | entire outstanding debt becoming                     
 due and payable, inclusive of all accrued interests; |

| c) | enforcement of the consent award                                           
 for the entire amount of default (along with applicable interest thereon); |

| d) | seek and cause compulsory