Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 355

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 355
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475,668 |     |           | 2,477,407 |     |         | 7,701,641 |
| 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 $ has 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 there