Justify the following statement:
The central government has empowered NCLT with certain powers
The powers of National Company Law Tribunal (NCLT):
(1) NCLT has the power to hear and decide civil disputes or all proceedings related to compromise, arrangement, and reconstruction of a company.
(2) NCLT has the power to hear and decide all the winding-up petitions on the ground of insolvency, i.e. inability of the company to pay its debts and on any other grounds. I
(3) NCLT has the power to hear and decide petition filed by the company and request letter received from the company for the extension of time for repayment of deposits on genuine grounds.
(4) It has also the power to hear and decide cases in relation to oppression and mismanagement of a company.
(5) If Annual General Meeting (AGM) or Extraordinary General Meeting (EOGM) is not convened by the company in prescribed time or on request of a majority of members, the NCLT has the power to pass an order to call for holding AGM or EOGM of a defaulting company
(6) NCLT has the power to direct a company not to dispose of funds of a company and to freeze the assets of a company for being used against the interest of the company.
(7) NCLT has power to hear and decide grievances or complaints of the investors in regard to the rejection of transfer of shares and other securities.