1. Corporate Dispute Resolution and Adjudication

• The National Company Law Tribunal (NCLT) is the quasi-judicial authority established under the Companies Act, 2013, to resolve disputes and enforce company law provisions.
  
• It acts as the primary forum for adjudicating company law matters, including those involving Public Limited Companies.
  
• NCLT replaces the powers of the Company Law Board, BIFR, and High Courts in company-related cases.
  
• It hears petitions related to oppression and mismanagement, shareholder disputes, and corporate restructuring.
  

2. Handling Insolvency and Bankruptcy Proceedings

• Under the Insolvency and Bankruptcy Code (IBC), 2016, NCLT is the adjudicating authority for corporate insolvency matters.
  
• It admits applications filed by financial creditors, operational creditors, or the defaulting company itself.
  
• Once admitted, NCLT appoints a Resolution Professional (RP), imposes a moratorium, and oversees the Corporate Insolvency Resolution Process (CIRP).
  
• If resolution fails, it orders liquidation, appoints a liquidator, and later approves dissolution.
  

3. Winding Up of Companies

• NCLT has the power to order compulsory winding up of Public Limited Companies under Section 271 of the Companies Act, 2013.
  
• It examines petitions filed by creditors, the company, or the Registrar of Companies.
  
• Upon satisfaction of grounds (e.g., inability to pay debts, unlawful acts, public interest), it appoints a Company Liquidator.
  
• It supervises the liquidation process, settles claims, and issues the final dissolution order.
  

4. Approval of Corporate Reorganization

• NCLT approves mergers, amalgamations, and demergers of Public Limited Companies under Sections 230–232 of the Companies Act.
  
• It reviews schemes of arrangement or compromise submitted by companies and their shareholders or creditors.
  
• Affected parties must be given notice, and their objections must be heard before approval.
  
• NCLT ensures that the scheme is fair, legal, and in the interest of all stakeholders.
  

5. Remedies for Oppression and Mismanagement

• Shareholders (holding at least 10% voting rights or 100 members) may approach NCLT under Section 241–242 if the affairs of the company are conducted:
  
  • In a manner prejudicial to public interest or company interests
    
  • In a way that oppresses minority shareholders
    
• NCLT can order the removal of directors, modification of charter documents, or even company sale.
  
• This provision protects shareholder rights and ensures equitable corporate governance.