Concept:
Diborane \((B_2H_6)\) is an electron-deficient compound. It reacts with Lewis bases, is hydrolysed by water to boric acid, and burns in oxygen to give boron trioxide.
Step 1: Check statement I.
Diborane can be prepared by oxidation of sodium borohydride with iodine. Hence statement I is correct.
Step 2: Check statement II.
Diborane undergoes cleavage with Lewis bases to give borane adducts. Hence statement II is correct.
Step 3: Check statements IV and V.
Diborane does not hydrolyse to borazine; it gives boric acid. So IV is incorrect. It burns in oxygen to give \(B_2O_3\), so V is correct.
Thus, the correct set is:
\[
I,\ II,\ V
\]