NOTICE TO POTENTIAL CREDITORS OF ZCAR: Morris Kandinov LLP Announces Investigation Of Zoomcar Holdings Inc.
Zoomcar Holdings Inc. (NASDAQ: ZCAR) is under investigation by Morris Kandinov LLP regarding multiple debt defaults and potential insolvency. The company has been in violation of lease payment obligations to Ayvens Group since November 2023, leading to vehicle repossession and bank guarantee invocation.
As of December 31, 2024, Zoomcar has defaulted on debt obligations exceeding $1 million owed to various lenders including Kotak Mahindra Finance, Tata Motors Finance, Mahindra & Mahindra Financial Services, and Clix Finance India. Additionally, the company faces litigation from ACM Zoomcar Convert in New York Supreme Court (Index No. 655910/2024) seeking approximately $5.6 million in principal and $341,746 in interest.
The company's last reported cash and cash equivalents stood at approximately $4.3 million. The law firm is investigating the company's cash allocation and potential improper payments under U.S. bankruptcy and securities laws.
Zoomcar Holdings Inc. (NASDAQ: ZCAR) è sotto inchiesta da parte di Morris Kandinov LLP per molteplici inadempienze sui debiti e potenziale insolvenza. L'azienda è in violazione degli obblighi di pagamento del leasing nei confronti di Ayvens Group da novembre 2023, il che ha portato al recupero dei veicoli e all'invocazione delle garanzie bancarie.
Alla data del 31 dicembre 2024, Zoomcar ha inadempiuto a obbligazioni di debito superiori a 1 milione di dollari dovuti a vari creditori, tra cui Kotak Mahindra Finance, Tata Motors Finance, Mahindra & Mahindra Financial Services e Clix Finance India. Inoltre, l'azienda affronta contenziosi da parte di ACM Zoomcar Convert presso la Corte Suprema di New York (Numero indice 655910/2024) che richiede circa 5,6 milioni di dollari in capitale e 341.746 dollari in interessi.
L'ultimo report dell'azienda indicava che la liquidità e le disponibilità liquide ammontavano a circa 4,3 milioni di dollari. Lo studio legale sta indagando sull'allocazione della liquidità dell'azienda e su potenziali pagamenti impropri ai sensi delle leggi statunitensi sulla bancarotta e sui titoli.
Zoomcar Holdings Inc. (NASDAQ: ZCAR) está bajo investigación por parte de Morris Kandinov LLP debido a múltiples incumplimientos de deuda y posible insolvencia. La empresa ha estado en violación de sus obligaciones de pago de arrendamiento con Ayvens Group desde noviembre de 2023, lo que ha llevado a la recuperación de vehículos y a la invocación de garantías bancarias.
Hasta el 31 de diciembre de 2024, Zoomcar ha incumplido obligaciones de deuda que superan los 1 millón de dólares adeudados a varios prestamistas, incluidos Kotak Mahindra Finance, Tata Motors Finance, Mahindra & Mahindra Financial Services y Clix Finance India. Además, la empresa enfrenta litigios por parte de ACM Zoomcar Convert en la Corte Suprema de Nueva York (Número de índice 655910/2024) que busca aproximadamente 5,6 millones de dólares en principal y 341,746 dólares en intereses.
El último informe de la empresa indicaba que su efectivo y equivalentes de efectivo eran aproximadamente 4,3 millones de dólares. El bufete de abogados está investigando la asignación de efectivo de la empresa y posibles pagos indebidos bajo las leyes de quiebra y valores de EE. UU.
Zoomcar Holdings Inc. (NASDAQ: ZCAR)은 Morris Kandinov LLP에 의해 다수의 부채 불이행 및 잠재적 파산에 대해 조사받고 있습니다. 이 회사는 2023년 11월부터 Ayvens Group에 대한 임대료 지급 의무를 위반하여 차량 압류 및 은행 보증 실행으로 이어졌습니다.
2024년 12월 31일 기준으로 Zoomcar는 Kotak Mahindra Finance, Tata Motors Finance, Mahindra & Mahindra Financial Services, Clix Finance India를 포함한 여러 대출자에게 100만 달러를 초과하는 부채 의무를 이행하지 않았습니다. 또한, 이 회사는 뉴욕 대법원(ACM Zoomcar Convert, 색인 번호 655910/2024)에서 약 560만 달러의 원금과 341,746달러의 이자를 요구하는 소송에 직면해 있습니다.
회사의 마지막 보고서에 따르면 현금 및 현금성 자산은 약 430만 달러에 달했습니다. 법무법인은 회사의 현금 배분 및 미국 파산 및 증권법에 따른 잠재적 부적절한 지급을 조사하고 있습니다.
Zoomcar Holdings Inc. (NASDAQ: ZCAR) fait l'objet d'une enquête par Morris Kandinov LLP concernant plusieurs défauts de paiement de dettes et une éventuelle insolvabilité. L'entreprise a violé ses obligations de paiement de location envers Ayvens Group depuis novembre 2023, ce qui a conduit à la saisie de véhicules et à l'invocation de garanties bancaires.
Au 31 décembre 2024, Zoomcar a manqué à ses obligations de dette dépassant 1 million de dollars dus à divers créanciers, y compris Kotak Mahindra Finance, Tata Motors Finance, Mahindra & Mahindra Financial Services et Clix Finance India. De plus, l'entreprise fait face à un litige de ACM Zoomcar Convert devant la Cour suprême de New York (Numéro d'index 655910/2024) demandant environ 5,6 millions de dollars en principal et 341 746 dollars en intérêts.
Le dernier rapport de l'entreprise indiquait que sa trésorerie et ses équivalents de trésorerie s'élevaient à environ 4,3 millions de dollars. Le cabinet d'avocats enquête sur l'allocation de trésorerie de l'entreprise et sur d'éventuels paiements inappropriés en vertu des lois américaines sur la faillite et les valeurs mobilières.
Zoomcar Holdings Inc. (NASDAQ: ZCAR) wird von Morris Kandinov LLP wegen mehrfacher Schuldenausfälle und möglicher Insolvenz untersucht. Das Unternehmen hat seit November 2023 gegen Leasingzahlungsverpflichtungen gegenüber Ayvens Group verstoßen, was zur Fahrzeugrücknahme und zur Inanspruchnahme von Bankgarantien führte.
Stand 31. Dezember 2024 hat Zoomcar Schulden in Höhe von über 1 Million US-Dollar gegenüber verschiedenen Gläubigern, darunter Kotak Mahindra Finance, Tata Motors Finance, Mahindra & Mahindra Financial Services und Clix Finance India, nicht beglichen. Darüber hinaus sieht sich das Unternehmen einer Klage von ACM Zoomcar Convert vor dem Obersten Gerichtshof von New York (Index-Nr. 655910/2024) gegenüber, die etwa 5,6 Millionen US-Dollar an Hauptforderung und 341.746 US-Dollar an Zinsen fordert.
Der letzte Bericht des Unternehmens wies einen Bargeld- und Zahlungsmittelbestand von etwa 4,3 Millionen US-Dollar aus. Die Kanzlei untersucht die Cash-Allokation des Unternehmens und mögliche unangemessene Zahlungen gemäß den US-Insolvenz- und Wertpapiergesetzen.
- None.
- Multiple debt defaults exceeding $1 million to various lenders
- Legal action seeking $5.9 million in principal and interest from ACM Zoomcar Convert
- Vehicle fleet repossession initiated by Ayvens Group
- Cash position ($4.3M) insufficient to cover known debt obligations ($6.9M+)
- Potential bankruptcy risk due to insolvency investigation
Insights
This announcement reveals Zoomcar Holdings is facing a severe liquidity crisis that puts the company in significant financial jeopardy. The law firm Morris Kandinov is investigating Zoomcar for insolvency - a legal state where a company cannot pay its debts as they come due.
The company faces multiple concurrent financial challenges that create an extremely precarious position:
- Defaults on vehicle lease payments to Ayvens Group since at least November 2023, resulting in active vehicle repossession - essentially stripping away core operational assets
- Defaults on debt obligations totaling over
$1 million to multiple lenders including Kotak Mahindra Finance, Tata Motors Finance, and others - Default on a convertible note with ACM Zoomcar Convert , who is pursuing approximately
$5.6 million in principal plus$341,746 in interest through litigation (NY Supreme Court) - Cash reserves of only
$4.3 million , insufficient to cover the known obligations
Most concerning is the law firm's focus on "the Company's use and allocation of cash and other assets while unable to meet its obligations" - indicating potential investigation into improper transfers that could violate bankruptcy laws. This suggests possible concerns about preferential payments or fraudulent conveyances during insolvency.
The situation appears dire - with obligations significantly exceeding available cash and core operational assets being repossessed. The company's ability to continue as a going concern is questionable under these circumstances.
This disclosure represents a critical financial crisis at Zoomcar with multiple default events that signal severe solvency concerns. The magnitude of the financial distress is evident in the specific numerical discrepancies:
- Total known obligations exceed
$6.6 million ($5.6 million principal +$341,746 interest from ACM litigation +$1+ million in other lender defaults) - Available cash reserves of only
$4.3 million - Negative liquidity gap of at least
$2.3 million before accounting for any additional costs
The repossession of vehicles by Ayvens Group compounds the crisis by directly targeting essential revenue-generating assets, creating a negative feedback loop. Without vehicles, Zoomcar cannot generate income to service its debt.
The multiple defaults across different capital providers - spanning lease arrangements, bank loans, and convertible debt - indicate systemic inability to meet financial obligations rather than an isolated dispute. The defaults dating back to November 2023 suggest prolonged financial deterioration.
The litigation in New York Supreme Court formalizes the financial crisis in public proceedings, likely restricting Zoomcar's ability to raise emergency capital. The involvement of a specialized law firm investigating potential improper asset transfers suggests the possibility of preferential payments to certain creditors during insolvency, which could be subject to clawback actions.
For a company with a market cap of
Potential creditors of Zoomcar are encouraged to contact Morris Kandinov LLP to discuss the Company’s use and allocation of cash and other assets while the Company has been unable to meet its obligations to lenders, noteholders and other parties. The firm’s investigation is focusing on the duties owed by the Company and its officers and directors to creditors, including potentially improper payments and transfers under
Morris Kandinov LLP is a national law firm that represents individuals and institutions in cases involving fraud and fiduciary misconduct.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250328458417/en/
For further information, contact:
Aaron Morris
Morris Kandinov LLP
aaron@moka.law
(212) 431-7473
Source: Morris Kandinov LLP
FAQ
How much debt is ZCAR currently facing in defaults and legal claims?
What actions has Ayvens Group taken against ZCAR following payment defaults?
What is the current cash position of ZCAR compared to its debt obligations?
Which major lenders has ZCAR defaulted on payments to as of December 2024?
What legal action is being taken against ZCAR in New York Supreme Court?
