It could be possible that the endangered Kingfisher will not be spotted outside India as the liquor baron Vijay Mallya cash-strapped airline doesn’t have a platform to book international tickets and will suspend the global operations.

The airline needs a white knight investor – urgently – if it is to survive in its current form. Kingfisher’s survival depends on the equity infusion. Everything depends on that. If he (Mallya) can’t get that then everything will fall apart,” said an executive at a state bank that considers its loan to Kingfisher non-performing, a classification Indian lenders make reluctantly.

Tha above case provides a case study for Bankruptcy rules in India.
Just an argument over Chapter 11 of US :-

In an American bankruptcy court, lenders, employees and the government can get the court to replace poorly performing or fraudulent managers and appoint an independent trustee who works on their behalf, rather than the people who ran the company into the ground. Moreover, the restructuring process often wipes out the equity of previous owners who mismanaged them.

Another larger argument in favor of the U.S. Bankruptcy Code is that it encourages risk-taking and has made the American economy vibrant and inventive. Entrepreneurs, including many from India, thrive in the States because they know that if they fail they can file for bankruptcy, take a hit but then start over. For the economy as a whole, it is important the legal system provide a path to deal with corporate mistakes and failures as effectively and quickly as possible.