Hi Somyadeep,
You can deploy TimeGEN-1, and it will appear as deployed, but the serverless API is currently unavailable in all Azure regions, attempting to use it will result in this error. Please check again later for availability.
As you already have a Marketplace subscription for it, that is why you are not seeing the following message:
Serverless API is not available now for this model on any of the azure regions, please check again later.
*If you try it with an account that does not have a Marketplace subscription for TimeGEN-1, then you will see the above message.
Feel free to accept this as an answer.
Thankyou for reaching out to The Microsoft QNA Portal.*