But when I try to install the theme plugins, it asks for license code.
How did you go about it please?
It does not actually ask you for a licence key or block you from doing anything, the licence key field is empty and it asks you to register your key. You can still install plugins and demos without registering here.
Please enter your theme purchase code and get access to our prebuilt websites, auto-updates, and premium plugins. The purchase code and site URL will be sent to a ThemeSpirit server located in the U.S. to verify the purchase.

@bobsmith Try installing "LearnDash Custom Meta" and other plugins like the demo import plugin.
It shows this:
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Yes, however you can install the plugins to begin with which is what matters here.
Plus, it is exactly the same as other themes, to receive certain plugins or updates for them, you need to have a genuine licence key as it uses it in the call to get the plugin or download.
So, regardless of if this is nulled or not, you would not be able to get the update through the theme regardless of which method you used.
Most nulled themes you have to get the plugins separately and install separately.