GEECL claims more than Rs IOOcr from Matix Fertilizers over GSPA dispute

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.