NOTICE TO POTENTIAL CREDITORS OF ZCAR: Morris Kandinov LLP Announces Investigation Of Zoomcar Holdings Inc.

NEW YORK--(BUSINESS WIRE)--The law firm of Morris Kandinov LLP announces that it is investigating the insolvency of Zoomcar Holdings Inc. (“Zoomcar” or the “Company”) (NASDAQ: ZCAR) in connection with its disclosed defaults on multiple debt obligations owed to multiple lenders. The Company has disclosed that, since at least November 2023, it has been in violation of scheduled lease payment obligations to Ayvens Group, which has (i) initiated the process of repossession of all vehicles and (ii) invoked a bank guarantee granted by Zoomcar. Further, as of December 31, 2024, the Company has defaulted on multiple other debt obligations totaling over $1 million owed to various lenders, including Kotak Mahindra Finance, Tata Motors Finance Limited, Mahindra & Mahindra Financial Services Limited, and Clix Finance India Private Limited. In addition, the Company has defaulted on a convertible note executed with ACM Zoomcar Convert LLC, which has filed litigation in the Supreme Court of the State of New York, Index No. 655910/2024, seeking, among other things, approximately $5.6 million in principal, $341,746 in interest, and additional costs and attorneys’ fees. The Company last reported cash and cash equivalents of approximately $4.3 million.

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 U.S. bankruptcy and securities laws.

Morris Kandinov LLP is a national law firm that represents individuals and institutions in cases involving fraud and fiduciary misconduct.