Q1. Consider the following statements regarding the Insolvency and Bankruptcy Code 2016:\n1. The Code was enacted on 28 May 2016 and is regulated by the Insolvency and Bankruptcy Board of India.\n2. As of March 2026, more than 30000 cases were withdrawn at the pre admission stage before the National Company Law Tribunal involving an estimated Rupees 14 lakh crore.\n3. The Code applies only to Public Sector Banks and excludes operational creditors of corporate debtors.\nWhich of the statements given above are correct?
Explanation
Statements 1 and 2 are correct. Statement 3 is incorrect as the Code applies to corporate persons, partnership firms and individuals and recognises both financial creditors and operational creditors who can trigger the insolvency process.