With reference to the Supreme Court verdict on land acquisition, consider the following statements:
1. It held that landowners, who had refused to accept compensation or who sought reference for higher compensation, cannot claim that the acquisition proceedings had lapsed under Section 24(2) of the 2013 Act.
2. The Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013, which came into existence on January 1, 2014 replaced the colonial 1994 law.
Which of the statements given above is/are correct?