Given below are two statements: 
Statement (II): Structure III is most stable, as the orbitals having the lone pairs are axial, where the $ \ell p - \beta p $ repulsion is minimum. In light of the above statements, choose the most appropriate answer from the options given below:
To address this question, the provided statements concerning the stability of \(ClF_3\) structures must be evaluated. The question presents three structures, labeled I, II, and III, and requires a determination of the validity of Statements I and II.
Conclusion: Based on the preceding analysis, Statement I is confirmed as correct, while Statement II is determined to be incorrect. Accordingly, the most fitting response is: Statement I is correct but Statement II is incorrect.