No problem cutting the framing apart and setting the portion in question back in line with the concrete foundation.
A strong recommendation (unfortunately I did a project
without it) is to leave an inch gap between the stud framing and the concrete if you use batt insulation. The insulation should not touch the concrete. (cellulose blow in insulation is also not recommended because you can't keep it from touching the concrete and accumulating moisture and growing mold.)
In cold climates, water pipes should not be behind an insulated exterior wall or framing. They should
be inside the framing, with no insulation between them and the inside paneling or wall covering.