The US Bankruptcy Court gave an order approving the bidding procedures relating to the sale of substantially all the assets of Near Intelligence, Inc. on January 23, 2024. The Court approved the asset purchase agreement between the debtor and BTC Near HoldCo LLC, the stalking horse bidder, for the sale of substantially all its assets for a consideration consisting of a credit bid equal to all outstanding obligations under the DIP Facility and not less than $34 million of the outstanding obligations under the Prepetition Loan Documents plus assumed liabilities. To qualify as a qualified bidder, interested parties should submit their bids by February 8, 2024.

The initial minimum overbid should be in the amount of $0.25 million more than the initial purchase price. If the debtor receives any qualified bids then it would hold an auction for its assets on February 10, 2024. At the auction, the subsequent bids would be in increments of $0.25 million.

The stalking horse bidder would be entitled to an expense reimbursement of $1 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 16, 2024.