How could such a catastrophic series of events descend on Kingfisher? Was there no one watching out for the airline?
Probably not, considering how the airline was run-or not run, rather considering Mallya's penchant for running the airline without a fulltime CEO until Sanjay Aggarwal came on board last year.
When he launched the airline, Mallya had a couple of expats as chief operating officers, Alex Wilcox and Nigel Harwood, but he could not keep them.
"There's a need to have a new team, with proven record, and give them full freedom to run the airline. This must be done to restore the confidence of investors," says an expert.
Steve Forte, a former CEO at Jet Airways, feels that some of the airline founders in India are more concerned with what Italians call 'Bella figura' - or how to make the best possible impression above all else - rather than running a business in a professional way.
"At the onset they should ask themselves if they are in for the profit or for the glory. Unfortunately the glory days are over and I classify Dr Mallya in the category of the glory chasers or the 'Bella figura' seekers," he says.
In India, promoters have often been found to give more importance to market share than profits.
"This is a major fallacy and it is evident Kingfisher has been a victim of bad decisions, bad management and bad strategic planning. The question that banks and investors alike should ask is 'who has really been running the company.' I think we all know the answer," says Forte.