IL&FS appoints Arpwood, JM Financial as advisors for debt resolution plan

Mumbai: The new board of directors of IL&FS has appointed Arpwood Capital and JM Financial as financial and transaction advisors for the company and its several subsidiaries.

A statement from the company said this was meant to “harmonise asset monetization, including ongoing activities, and to undertake the same in a transparent and speedy manner”.

The two advisors will undertake valuations across divestments and monetisation.

The board also re-confirmed the appointment of Alvarez and Marsal as restructuring advisors for the group with the mandate to maintain strict controls and manage day-to-day liquidity, evolve a resolution plan, and manage stakeholders with regards to the implementation of the resolution plan.

Infrastructure builder and financier IL&FS has accumulated debts of ₹ 90,000 crore and recently defaulted on a host of short-term borrowings. The central government stepped in to replace the board of directors with a new board led by banker Uday Kotak.