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Correct Option is Only 1

Quorum is the minimum number of members required to be present in the House before it can transact any business. It is one-tenth of the total number of members in each house including the presiding officer. It means that there must be at least 55 members present in the Lok Sabha and 25 members present in the Rajya Sabha if any business is to be conducted. If there is no quorum during a meeting of the House, it is the duty of the presiding officer either to adjourn the House or to suspend the meeting until there is a quorum. Hence statement 1 is correct and statement 2 is incorrect.

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