Statement-I is correct - The Constitution Day, also known as National Law Day, is observed on November 26th every year in India. This day is celebrated to increase awareness of the Indian Constitution and its architecture among the general public.

Statement-II is incorrect - The Constituent Assembly of India did not set up a Drafting Committee under Dr. B.R. Ambedkar on November 26th, 1949. In fact, the Drafting Committee was set up much earlier on August 29, 1947. November 26th, 1949 was the day when the Indian Constitution was adopted.

Therefore, option 3: Statement-I is correct but Statement-II is incorrect is the correct choice in this context.