I would give Mallya,90 days,tops 180 to either sell out(god knows to who),and/or declare bankruptcy.Typical reminder of a certain East West Airlines back in mid 90's and Damania Airways(same time).BOTH premium carriers of their times and both had had similar troubles and dues(such as ATF etc) just before closure!
Best part was that 3 days before ALL ops ceased,not a soul (even in managment)had even the slightest inkling of the doom that lay ahead.And even the then owners(a bunch of mafia goons and another,a master of shutdown) would come out with regular press appearances and fashion shows etc,claiming that all was well,whilst actually ALL WAS IN THE WELL!
VJM seems to be heading down the same exact cobbled but well trod pathway.....
He is after all just a buisnessman,and what do they do when buisness gets bad? Close the buisness....
Let the good times roll....!