IIML manages private equity funds, infra debt funds, among others and has assets under management of around Rs 13,340 crore.
Earlier this week, the group had put its entire domestic road assets on sale and last month, it initiated a process to sell its stake in the renewal energy business.
IL&FS Financial Services, another company of the group, in an exchange filing said it has defaulted in payment of a term loan of Rs 100.52 crore, due Thursday. It has already defaulted on payments worth over Rs 5,000 crore since late August.
The group, which is sitting on a debt of over Rs 94,200 crore, had also announced plans to divest its stake in IL&FS Securities Services and ISSL Settlement & Transaction Services, for which it claimed to have received interest from over dozen entities, including banks, PE funds and other financial services firms.
The board has appointed Arpwood Capital and JM Financial as financial and transaction advisors, along with Alvarez & Marsal as resolution consultants.