"Debt restructuring involves a reduction of debt and an extension of payment terms or change in terms and conditions" - analyse the statement indicating that any Resolution plan need to be consented by the Committee of C

Corporate Restructuring is an inorganic business strategy where one or more aspects of a business are redesigned to improve commercial efficiency, manage competition effectively, drive faster pace of growth, ensure effective utilization of resources, and fulfilment of stakeholders' expectations. Debt restructuring involves a reduction of debt and an extension of payment tenure or change in terms and conditions. Debt restructuring is more commonly used as a financial tool than compared to equity restructuring. As such in Corporate Insolvency Resolution Process the Committee of Creditors primarily consists of financial creditors. Section 30(4) of Insolvency and Bankruptcy Code, 2016 envisages approval of the Resolution Plan by the Committee of Creditors before final approval by the Adjudicating Authority i.e., National Company Law Tribunal in terms of Section 33 of the Code.