Once the poster child of luxury air travel in India, Kingfisher Airlines soared into the skies with glamour, celebrity tie-ins and bold ambition. By 2011 it had accumulated over ₹9,000 crore in debt, and formal figures list around ₹6,848 crore in principal liability by the end of 2012 - with interest and penalties pushing total liabilities far higher over time.

Several missteps set the stage: instead of focusing on efficiency, Kingfisher pursued full-service luxury in a price-sensitive market; the acquisition of Air Deccan in 2007 brought integration chaos and cost overruns.  Rising fuel costs, a weak rupee, and regulatory pressure compounded the problems. The airline’s flying licence was suspended in October 2012, and the business ground to a halt. Meanwhile, its promoter, Vijay Mallya, now embroiled in legal battles, continues to fight extradition while banks seek to recover billions of rupees. The Kingfisher saga is a sharp reminder: even high-flying ventures collapse when fundamentals fail.