20 January 2024
Great Eastern Energy Corporation Limited (CEECL) claims over Rs 100 crore from Matix Fertilisers & Chemicals Limited for breaching the terms of the Gas Sale and Purchase Agreement (GSPA). Matix, which operates West Bengal's only large integrated fertilizer plant, is facing potential financial impact as it claims a 20% market share in eastern India. GEECL alleges that Matix did not honor the Minimum Guarantee Offtake clause. The matter is currently sub-judice, with Matix seeking a stay on the arbitration order. GEECL claims that Matix owes nearly Rs 112 crore, and Matix may need to deposit around Rs 100 crore to operationalize the stay.
Great Eastern Energy Corporation Limited (CEECL) claims over Rs 100 crore from Matix Fertilisers & Chemicals Limited for breaching the terms of the Gas Sale and Purchase Agreement (GSPA). Matix, which operates West Bengal's only large integrated fertilizer plant, is facing potential financial impact as it claims a 20% market share in eastern India. GEECL alleges that Matix did not honor the Minimum Guarantee Offtake clause. The matter is currently sub-judice, with Matix seeking a stay on the arbitration order. GEECL claims that Matix owes nearly Rs 112 crore, and Matix may need to deposit around Rs 100 crore to operationalize the stay.
Stay Connected, Stay Informed –
Don’t miss out on exclusive updates, market trends, and real-time investment opportunities. Be the first to know about the latest unlisted stocks, IPO announcements, and curated Fact Sheets, delivered straight to your WhatsApp.