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Explanation:

In statement 1 it is given that the winner under marketing category was ranked just above Babita’s project(which was not Purple umbrella) and the project coded as Blue Ocean was ranked just above Babita’s project (which was not winner under information technology discipline).

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In statement 3, it is given that the Green forest project ranked just above the winner of project under human resource discipline, and just below Chandan’s project. Therefore, the order is Chandan-green-HR.
In statement 4, it is given that the Red wings project was placed just higher than the winner of Information Technology discipline, and just below the Amar’s project. Therefore, the order is Amar-red-IT(not green, not Eshan).
In statement 5, it is given that the Orange candy project ranked just above Dolly’s (which wasn’t the Purple umbrella) and just below the winner of project under Finance discipline. Therefore, the order is Finance-orange-Dolly(not purple).
Only possible order is Aman-red-IT(chandan)-green-HR. Therefore.

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Implementing the condition given in statement 5, we will get the final arrangement.
Final table:

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Only IV and V are correct.
Answer is option C.

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