Near Intelligence, Inc. filed a motion in the US Bankruptcy Court for the sale of substantially all its assets on December 8, 2023. The debtor seeks the Court?s approval for the sale of substantially all its assets to BTC Near HoldCo LLC, the stalking horse bidder, for a purchase price of $34 million in credit bid, assumed liabilities and DIP Facility amount pursuant to the asset purchase agreement, dated December 8, 2023. To qualify as a qualified bidder, interested parties should submit their bids by February 1, 2024, along with good-faith deposit in the amount of 10% of the bid price.

The initial minimum overbid should be at least $0.25 million more than the initial purchase price. The debtor has scheduled an auction on February 6, 2024. At the auction, the subsequent bids would be in increments of $0.25 million.

The stalking horse bidder would be entitled to expense reimbursement of $1 million in case of termination of the asset purchase agreement. The sale hearing is scheduled for February 16, 2024. The proceeds from the sale would be used to pay off the amount owed to the debtor?s pre-petition lender