Gopinath will now probably have to add another chapter to his book.
Business Standard has reported that the company owes close to Rs 500 crore to various banks, of which the debt to State Bank of India alone is Rs 211 crore.
SBI executives confirm that the funds raised by auctioning the assets that Gopinath had pledged with the bank will not be sufficient to cover his dues.
The reserve price for his commercial property in Bangalore is Rs 28 crore and the residence, Rs 32 crore.
In 2009, when he unsuccessfully contested a Lok Sabha seat from Bangalore, Gopinath's affidavit showed that he had personal assets of Rs 66 crore and liabilities at Rs 2 crore, according to National Election Watch.
Deccan Cargo and Deccan 360 were supposed to have gone through corporate debt restructuring but the companies have not, say sources in SBI - the banks will, in all probability, have to take the hit, though discussions are still on.
Gopinath is said to have invested Rs 75 crore and Reliance Industries another Rs 115 crore in the ill-fated company which ceased operations in 2011.
Deccan Shuttle, a regional service to connect various towns in Gujarat by air, which had been started in August 2012, also shut shop earlier this year.
Before its sale to Kingfisher Airlines, which netted Gopinath Rs 550 crore, Air Deccan had been bleeding heavily.
It posted a loss of Rs 213 crore in the quarter ending on March 31, 2007 on a net income of Rs 437 crore.
Indeed, according to a report in Mint, JP Morgan Chase analyst Peter Negline had written in a note to investors, "If they (Air Deccan) cannot find private equity to inject funds immediately, we believe that their departure from the market is imminent."
One is naturally tempted to ask: What has gone wrong each time to transform a laudable dream into a bubble that eventually bursts? And what does the incorrigible entrepreneur plan to do next?
He had, after all, written that he "tapped into an unknown inexhaustible well of optimism and energy to get up each time after falling, summon strength and courage and start all over again."