Enumerate the measures under Regulation 37 of CIRP that can be provided under a Resolution Plan for maximization of value of assets of the Corporate Debtor. Can a Resolution Plan envisage corporate restructuring of the C

The Insolvency and Bankruptcy Board of India (IBBI) framed IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP) to regulate insolvency resolution process. Corporate Restructuring process may be governed by the Regulation 37 of the CIRP Regulations. Measures, which the resolution plan may provide, for insolvency resolution of the corporate debtor for maximization of value of its assets including but not limited to the following: transfer of all or part of the assets of the corporate debtor to one or more persons; sale of all or part of the assets whether subject to any security interest or not; restructuring of the corporate debtor, by way of merger, amalgamation and demerger; the substantial acquisition of shares of the corporate debtor, or the merger or consolidation of the corporate debtor with one or more persons; cancellation or delisting of any shares of the corporate debtor, if applicable; satisfaction or modification of any security interest curing or waiving of any breach of the terms of any debt due from the corporate debtor; reduction in the amount payable to the creditors; extension of a maturity date or a change in interest rate or other terms of a debt due from the corporate debtor; amendment of the constitutional documents of the corporate debtor; issuance of securities of the corporate debtor, for cash, property, securities, or in exchange for claims or interests, or other appropriate purpose; change in portfolio of goods or services produced or rendered by the corporate debtor, change in technology used by the corporate debtor; and obtaining necessary approvals from the Central and State Governments and other authorities. Regulation 37 of the CIRP Regulations was amended and clauses (ba), and (ca) were inserted facilitating corporate restructuring such as merger, demerger or amalgamation of the Corporate Debtor and cancellation or delisting of any shares, if applicable. Section 5(26) of the Code defines "resolution plan" which means a plan proposed by resolution applicant for insolvency resolution of the corporate debtor as a going concern in accordance with Part II. It is provided in the Explanation to the definition that for removal of doubts, it is hereby clarified that a resolution plan may include provisions for the restructuring of the corporate debtor, including by way of merger Therefore, a resolution plan can include corporate restructuring of the corporate debtor as part of the corporate insolvency resolution process.