Kingfisher needs an immediate $500-$600 million, half brought in by Mallya and half by his bankers, said Kaul.
"Every passing day the risk profile increases ... I would think that, the next two to three weeks, the money has to come in," he said.
Where that money comes from is the question. A few names, including Hong Kong distressed investor SC Lowy, have came up, but nothing has materialised despite the airline's assurances that talks with potential investors are ongoing.
Any investor would be taking a punt on an airline that has never been profitable and is not the only troubled operator in a country where five of the six big airlines lose money.
Image: Kingfisher Airlines cabin attendants serve snacks on a flight after takeoff from Mumbai's domestic airport.