Explain the following: National Company Law Tribunal as quasi-judicial body.

National Company Law Tribunal (NCLT) is a quasi-judicial body exercising equitable jurisdiction, which was earlier being exercised by the High Court or the Central Government. It has been established by the Central government under section 408 of the Companies Act, 2013 with effect from 1st June 2016. The Tribunal has powers to regulate its own procedures. The establishment of the National Company Law Tribunal (NCLT) consolidates the corporate jurisdiction of the following authorities: Company Law Board Board for Industrial and Financial Reconstruction. The Appellate Authority for Industrial and Financial Reconstruction Jurisdiction and powers relating to winding up restructuring and other such provisions, vested in the High Courts.