11:32a But when we are judged by the Lord,

When the Lord judges us (incl.),
-or-
When the Lord corrects us,

11:32b we are being disciplined

he is disciplining us (incl.)
-or-
he is teaching us

11:32c so that we will not be condemned with the world.

so that he will not have to condemn us (incl.) with ⌊the rest of⌋ the world.
-or-
in order that we (incl.) will not receive punishment with the ⌊unbelieving⌋ world ⌊when God judges them on the last day⌋.

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