Consider the following statements regarding the Insolvency and Bankruptcy Code, 2016:
1. The Insolvency and Bankruptcy Code applies to all entities, including financial service providers.
2. The Insolvency and Bankruptcy Board of India (IBBI) established under the act is the regulating authority.
3. If the creditors fail to reach a resolution within the stipulated time, the company’s assets are subjected to liquidation.
Which of the statements given above is/are correct?
1
1 and 3 only
2
1 only
3
2 and 3 only
4
1, 2 and 3