It looks like you could foam wrap the supply pipes, and then use support straps and new fiberglass insulation for the joist cavities. The drain pipes don't need anything more than the fiberglass insulation. Then install new drywall and tape and float the seams. Since its a garage ceiling you don't have to go overboard in getting the seams really perfect, but do the best you can.

The facing on wall insulation usually goes on the side facing toward the moisture source, and on an exterior wall that usually means it faces the inside of the house. In this case you have a garage where you park cars, so in the winter it might also be a moisture source. I'm not sure of the best solution.

Bruce