Which of the following statements with reference to the National Company Law Tribunal (NCLT) is not correct?

1
It is a quasi-judicial body in India that adjudicates issues relating to companies in India.
2
It is formed based on the recommendations of the Justice Eradi Committee.
3
It was formed as per the provisions of the Companies Act 2013.
4
The judgements and the decisions of the NCLT is final and binding.

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