"A resolution plan shall provide for the measures, as may be necessary for insolvency resolution of a corporate debtor for maximization of values of its assets." Discuss the measures provided in Regulation 37 of the IBBI

The Insolvency and Bankruptcy Board of India (IBBI) has made the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 (CIRP Regulations) to regulate the Insolvency Resolution Process for Corporate Persons. Corporate Restructuring process in India under Insolvency and Bankruptcy Code, 2016 may be governed by the provisions of the Regulation 37 of CIRP Regulations; however the Code is silent on the measures of the resolution and restructuring of the corporate debtor. Regulation 37, as substituted vide Notification No. IBBI/2017-18/GN/ REGO24, dated 6th February, 2018, provides that: "A resolution plan shall provide for the measures, as may be necessary, for insolvency resolution of a 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."