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The Economic Times

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

NCLAT NCLT the National Company Law Tribunal

New Delhi: The NCLAT has allowed an appeal by Lyka Labs, overturning a previous order from the NCLT that had rejected its insolvency plea against Modi Lifecare Industries due to unpaid royalties stemming from a technical guidance agreement.

The appellate tribunal has directed Modi Lifecare Industries to pay Rs 63 lakh within 30 days, failing which insolvency proceedings will be initiated against the Ahmedabad-based pharmaceutical manufacturing company.

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