Consider the following statements:
1) Only creditors have the authority to start insolvency resolution procedures for corporate debtors.
2) A time-bound resolution of corporate debtor insolvency cases is provided by the code.
3) The amount recovered by Scheduled Commercial Banks through Insolvency and Bankruptcy code has steadily increased since its inception.
Which of the above statement are correct with reference to the Insolvency and Bankruptcy Code (IBC)?
1
Only 1
2
Only 2 and 3
3
Only 2
4
All of the above