In the context of liberalization of globalization of economy, the changes required in the functioning of corporates need to be vast. Corporate restructuring has become an important means for achieving such changes in India and elsewhere. Corporate restructuring is defined as a major, synergistic re-alignment of the corporate's work culture, vision, values, strategy, structure, management systems, management styles, technologies, staff skills, etc. Such re-alignments can, however, vary greatly, depending on choices made as to what to change, in what way, and how much. The restructuring paradigm of Western international management consultants (WIMCs) has come into vogue among large Indian opublic and private corporates. Several concerns with this paradigm ae discussed One major restructuring choice is between the WIMC paradigm and a creative, participatory, largely self-help mode of corporate restructuring. Creative restructuring is illustrated by three case studies, namely, of British Air, Clariant (India), and Bharat Petroleum Corporation. Another major restructuring choice is between creative and non-creative modes. Based on a study of 120 turnarounds from a number of countries, 42 creative restructurings for turnaround are contrasted with 47 non-creative restructurings for turnaround along 14 categories of turnaround action. Not only are there major management-related differences, the post-turnaround growth and profits performance of creative restructurings is found to be superior that of non-creative restructurings. The necessity of creative, participatively improvised restructuring to institutionalise adaptive capabilities and achieve quantum leap in corporate excellence in a hypercompetitive environment is highlighted. Several steps are suggested for practitioners seeking effective creative restructuring.