Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 322

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 322
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 7.7%      
 Debenture |

On September 25, 2024, the Company entered into a settlement agreement with Blacksoil Capital Private Limited, wherein the lender waived 25% of the outstanding amount. As of December 31, 2024, the Company had fully repaid its liability to the lender. This transaction was accounted for as troubled debt restructuring under ASC 470-60 (Refer to Note 4), resulting in a net gain of $NIL and $83,645 for the three and nine months ended December 31, 2024, respectively.

The Company has recorded an interest expense amounting to $NIL and $9,834 for the three and nine months ended December 31, 2024 ($9,523 and $31,609 for the three and nine months ended December 31, 2023).

| (2) | Term             
 loans from NBFCs |

Includes loans outstanding as at December 31, 2024 and March 31, 2024 amounting to $2,973,192 and $4,713,936, respectively.

The Company has recorded an interest expense amounting to $68,067 and $220,282 for the three and nine months ended December 31, 2024 ($100,243 and $294,872 for the three and nine months ended December 31, 2023).

As of December 31, 2024, the Company has defaulted on debt obligations, totaling $1,070,281, owed to various lenders, including Kotak Mahindra Finance, Tata Motors Finance Limited, Mahindra & Mahindra Financial Services Limited, and Clix Finance India Private Limited. The Company has also recorded a penal interest expense amounting to $25,051 and $112,635 for the three and nine months ended December 31, 2024 ($5,157 and $5,157 for the three and nine months ended December 31, 2023). The Company is in negotiations or has entered into settlement agreements with these lenders to restructure payment terms and resolve outstanding claims.

During the nine months ended December 31, 2024, the Company entered into settlement agreements with Mercury Car Rentals Limited and Jain and Sons Services Limited, resulting in waiver of partial liabilities. These transactions were accounted for as troubled debt restructuring under ASC 470-60 (Refer to Note 5), and all outstanding amounts owed to these lenders were fully repaid by December 31, 2024.

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