Kingfisher is not yet dead, but it's certainly on life support.
The airline hasn't turned a profit since it was founded in 2005 and has seen its domestic market share fall from second to last among the country's six big carriers.
Its fleet has been scaled back from 64 planes to 16 and it has stopped flying overseas.
As far back as September 2011, Canadian research firm Veritas reckoned that Kingfisher's debt exceeded the value of its assets.
Cartoon: Satish Acharya