Near Intelligence is in post-confirmation liquidation, with the plan administrator and litigation trustee still administering the estates and pursuing litigation rather than operating a reorganized business. The latest quarterly reporting shows the plan was confirmed on March 15, 2024 and became effective on March 27, 2024; for Near Intelligence, Inc., administrative claims have been paid in full, while secured, priority, general unsecured, and equity classes had received no distributions as of March 31, 2026, and no final decree has been entered Post-Confirmation ReportDkt. 615.
The case began on December 8, 2023, after Near filed chapter 11 with a data-intelligence business, a recently completed SPAC transaction, and a balance sheet carrying roughly $96 million of funded debt, including a $76.7 million first-lien facility, $17.1 million of convertible debentures, and $2.5 million of promissory notes. The first-day declaration tied the filing to sustained operating losses, liquidity pressure, and an internal investigation into alleged financial misconduct by former executives, including concerns that prior financial statements from 2020 through 2023 should not be relied on and allegations involving MobileFuse-related revenue inflation Faieta First Day DeclarationDkt. 14.
Near’s chapter 11 path quickly moved toward a sale and liquidation structure. The first-day declaration described a $16 million DIP facility, a stalking-horse bid by BTC Near HoldCo LLC to purchase substantially all assets for $50 million, and a litigation-trust strategy to preserve claims for creditor recoveries . By February 2024, the debtors had filed a combined disclosure statement and chapter 11 liquidation plan with seven classes , followed by a second amended plan supplement in March 2024 .
Current activity is centered on post-confirmation administration and litigation-trust recoveries. The litigation trust reported $454,764 of current-quarter cash disbursements and $2.7 million of cumulative disbursements since the effective date, with no claim distributions made under the trust report as of March 31, 2026 and an anticipated final-decree application by March 27, 2029 Litigation Trust Post-Confirmation ReportDkt. 619. The most recent agenda set oral argument for May 27, 2026 on MobileFuse LLC’s motion to dismiss the amended complaint in Drivetrain, LLC v. MobileFuse, LLC, making that adversary proceeding the visible near-term litigation milestone Hearing AgendaDkt. 620.
