Consider the following statements about Insolvency & Bankruptcy Code (IBC):
1. Under the code creditors and debtors can apply for Insolvency Resolution Procedure (IRP).
2. It categorizes the creditors as financial creditors (banks, other financial institutions) and operational creditors.
3. In cases where the debtor is an individual can approach to Company Law National Tribunal(CLNT).
Which of the above statement/s is/are correct?
1
1 only
2
3 only
3
2 and 3 only
4
1 and 2 only