NCLAT allows Lyka Labs appeal; asks Modi Lifecare to pay Rs 63 lakh or face insolvency proceedings

The NCLAT has ruled in favor of Lyka Labs. It overturned a previous NCLT decision. Modi Lifecare Industries must now pay Rs 63 lakh within 30 days. Failure to pay will lead to insolvency proceedings against the company. The tribunal found that Modi Lifecare acknowledged its debt. This ruling stems from unpaid royalties under a technical guidance agreement.

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