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This C++ code demonstrates the creation of a simple class called "Student" that represents student information. The class has data members (also known as instance variables) for storing student ID and name. It includes methods for inserting data into these data members and for displaying the student information. Let's break down the code step by step:

```cpp
#include <iostream>  
using namespace std;

// Class definition for the Student class
class Student {  
public:
    int id;     // Data member (instance variable) to store student ID
    string name; // Data member (instance variable) to store student name

    // Method to insert student data into the class's data members
    void insert(int i, string n) {
        id = i;
        name = n;
    }

    // Method to display student information
    void display() {
        cout << id << "  " << name << endl;
    }
};

// Main function where the program execution starts
int main(void) {
    Student s1; // Creating an object (instance) of the Student class
    Student s2; // Creating another object (instance) of the Student class

    // Inserting data into the objects using the insert method
    s1.insert(201, "Sonoo");
    s2.insert(202, "Nakul");

    // Displaying student information using the display method
    s1.display();
    s2.display();

    return 0;  
}
```

Here's what each part of the code does:

- The `#include <iostream>` statement allows you to use the input/output stream functionality provided by the C++ Standard Library.
- The `using namespace std;` line means that you don't need to explicitly prefix standard library functions with `std::`.
- The `Student` class is defined, encapsulating the data members (`id` and `name`) and methods (`insert` and `display`) within it.
- The `insert` method is used to set the `id` and `name` of a student object.
- The `display` method is used to print the student's `id` and `name`.
- In the `main` function:
  - Two `Student` objects, `s1` and `s2`, are created.
  - Data is inserted into these objects using the `insert` method.
  - The `display` method is called for both objects to print their information.

This code showcases the basics of object-oriented programming (OOP) in C++. It demonstrates the concept of classes, objects, data members, and methods, as well as how to use them to store and manipulate data in a structured manner.