Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 279

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 279
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has agreed to waive off % of the outstanding amount and the Company agreed to make full settlement of its outstanding amount (net of
% waiver) by November 15, 2024 (original date was October 31, 2024) and in case of default, the Company is liable to pay fixed coupon
interest @% p.a. on the revised outstanding amount for the period starting October 31, 2024 till December 15, 2024 (“Long stop
date”). As of December 31, 2024, the Company has fully repaid its outstanding liability to the lender.

The Company has accounted for this transaction as
troubled debt restructuring under ASC 470-60. The gain on troubled debt restructuring recorded during the three and nine months ended
December 31, 2024 is $NIL and $ respectively.

Mercury Car Rentals Limited

During the nine months ended December
31, 2024, the Company has entered into a new arrangement with Mercury Car Rentals Limited whereby the lender has waived all penal interest
amounting to $ charged due to non-payment of bullet payment which was due in January, 2024. As per the agreed terms, the company
was to make payment in 3 installments starting from September 2024 until November 30, 2024. As of December 31, 2024, the Company has fully
repaid its outstanding liability to Mercury Car Rentals Limited.

The Company has accounted for this transaction as
troubled debt restructuring under ASC 470-60. The gain on troubled debt restructuring recorded during the three and nine months ended
December 31, 2024 is $NIL and $ respectively.

F- 21 ZOOMCAR HOLDINGS, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Jain and Sons Services Limited On November 06, 2024, the Company has entered into a settlement arrangement with Jain and Sons Services Limited, under which the lender waived a portion of the outstanding liability. The remaining liability was to be settled by December 23, 2024. The Company has repaid its liability as per the agreed dates, and as a result, no liability remains outstanding to the lender. This transaction has been accounted for as a troubled debt restructuring in accordance with ASC 470-60. The gain on troubled debt restructuring recorded during the three and nine months ended December 31, 2024 is $ 17,883and $ 17,883