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The Insolvency and Bankruptcy Code (Amendment) Bill, 2021 introduces an alternate insolvency resolution process for MSMEs, called PIRP. What does 'R' stand for in PIRP?

1. Recovery
2. Resolution
3. Rental
4. Retire

Correct answer: Resolution

Solution

PIRP stands for Pre-packaged Insolvency Resolution Process. Therefore, the letter 'R' stands for Resolution.

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