Statement I: Cell wall is freely permeable.
The cell wall in plants is freely permeable to water and solutes. This allows the movement of substances through the apoplast pathway, ensuring easy transport across the cell wall. Hence, Statement I is correct.
Statement II: Plasma membrane is selectively permeable.
The plasma membrane regulates the entry and exit of substances into the cell. It is selectively permeable, allowing only specific molecules (e.g., ions, nutrients) to pass through, while restricting others. Hence, Statement II is correct.
Conclusion:
Since both statements are correct, the correct answer is:
\[
\mathbf{(B) \ Both \ Statement \ I \ and \ Statement \ II \ are \ correct.}
\]