With reference to the Insolvency and Bankruptcy Board of India (IBBI), consider the following statements:
1. It was established under the Insolvency and Bankruptcy Code, 2016.
2. It has regulatory oversight over the Insolvency Professionals, Insolvency Professional Agencies, Insolvency Professional Entities and Information Utilities.
Which of the statements given above is/are correct?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2