Consider the following statements related to the Voluntary arbitration in India.

1. Voluntary arbitration was lent legal identity only in 1956 when Industrial Disputes Act, 1947 was amended to include a provision relating to it.

2. The provision for voluntary arbitration was made because of the lengthy legal proceedings and formalities and resulting delays involved in adjudication. 

3. Voluntary arbitration is one of the democratic ways for settling industrial disputes.

Which of the above statement is/are correct?