Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 386

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 386
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4, the Company has terminated the operating lease with M/s Siddharth Assets against which lock-in period rental expense and liability amounting to $66,915 has been recorded.

An amount of $363,545 and $369,007 which 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 $813,976 of 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 $43,063 for 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 60 days 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                                                       
 re-possession of all vehicles from Zoomcar which were financed from the Lender; |

| e) | enforcement of the security                                                                                           
 created in pursuance of this Resolution Agreement for the amount of default (along with applicable interest thereon); |

| f) | invoke the personal guarantee                                                                              
 issued by the promoter for satisfaction of the amount of default (along with applicable interest thereon). |

In April 2024, Lease Plan India Private Limited has invoked the bank guarantee created against fixed deposit amounting to $127,609 which has been adjusted against their outstanding liability as on March 31, 2024 (refer to note