New Delhi, Feb. 10 -- Restructuring has an exalted status in business schools; the elective course is usually titled 'Mergers, Acquisitions and Restructuring.' In the real world, it is relegated to the netherworld; either clubbed with insolvency or mentioned in conjunction with lay-offs and cost cuts. The constant negative undertone of 'restructuring' saps employee morale and in most cases results in prolonged underperformance.

In today's environment, there are many reasons to give restructuring its rightful eminence, so that it garners trust and delivers sustainable outcomes.

The first is climate change. The pace of action on transition risks arising from decarbonization will ebb and flow based on the political environment. But the phy...