IL&FS on Monday said it has appointed Arpwood Capital, JM Financial Consultants and Alvarez & Marsal as advisers to develop and execute a resolution plan to take the company out from its crisis. While Arpwood and JM Financial have been appointed as financial transaction advisers, Alvarez & Marsal will be the restructuring adviser. In an e-mailed statement, IL&FS said the two financial transaction advisers will undertake a valuations exercise of the company\u2019s assets prior to deciding which assets to dispose and generate funds. According to sources, a number of buyers have expressed interest in purchasing the roads and energy assets of IL&FS, with Cube Highways, Lone Star Funds, and India\u2019s National Investment and Infrastructure Fund (NIIF) among those interested. Alvarez & Marsal will assist its board of directors in maintaining strict controls on and managing liquidity on a day-to-day basis at all levels in the group, evolving a resolution plan and management of stakeholders. IL&FS also said that in its meeting held last week, IL&FS\u2019 new board considered it important to harmonise all asset monetisation activities, including ongoing initiatives. Arpwood Capital is a boutique investment banking outfit founded by veteran deal-maker Rajeev Gupta. Gupta was the head of US private equity firm Carlyle India\u2019s operations from 2005 to 2010, prior to which he was head of investment banking at Hemendra Kothari-led DSP Financial Consultants, which later partnered with Merrill Lynch. JM Financial is headed by another veteran and top investment banker Nimesh Kampani, founder and non-executive chairman of JM Financial Limited. Alvarez & Marsal is a global turnaround management and performance improvement consultant. According to an order by the Mumbai bench of the National Company Law Tribunal dated October 1 in which it allowed the government to supersede the board of IL&FS, the new board has to submit a resolution plan for the company by October 31.