Until December 2011, Kingfisher Airlines had the second largest share in India's domestic air travel market.

However, having regard to improvement in the economic sentiment, rationalization measures adopted by the company, fleet recovery and the implementation of the debt recast package with the lenders and promoters including conversion of debt into share capital, these interim financial statements have been prepared on the basis that the company is a going concern and that no adjustments are required to the carrying value of assets and liabilities.

[22] On 15 November 2011 the airline released poor financial results, indicating that it was "drowning in high-interest debt and losing money".

The government was engaged in assessing whether to bail out the company and other airlines or let market forces determine which survived.

[23] In December 2011, for the second time in two months, Kingfisher's bank accounts were frozen by the Mumbai Income Tax department for non-payment of dues.

[24] By early 2012, the airline accumulated losses of over ₹70 billion (US$800 million) with half of its fleet grounded and several members of its staff going on strike.

Kingfisher's position in top Indian airlines on the basis of market share had slipped from second to last due to the crisis.

[3] In July 2014, Kingfisher Airlines' indebtedness appeared as the country's state-owned banks' top non-performing asset after failing to repay loans of over ₹40 billion (US$460 million).

[28] On 2 March 2016 after nearly four years of the bankruptcy of Kingfisher Airlines, the consortium of 13 Indian Banks led by State Bank of India moved the Debt Recovery Tribunal to recover its dues which included Rs 9,000 crores owed by its promoter Vijay Mallya.

By that time Mallya had left India for the UK despite court proceedings by Indian banks initiated against him.

It had plans to launch long-haul flights to cities in Africa, Asia, Europe, North America and Oceania with deliveries of new aircraft.

On the day of suspension of all international operations, 10 April 2012, Kingfisher Airlines served 25 domestic destinations within India.

[35] Passengers were given Merino wool blankets, a Salvatore Ferragamo toiletry kit, pajamas, five-course meals, and alcoholic beverages.

The service on board the Kingfisher First cabins included a social area comprising a full-fledged bar staffed with a bartender, a break-out seating area just nearby fitted with two couches and bar stools, a full-fledged chef on board the aircraft, and any-time dining.

[36] Kingfisher was the first Indian airline to have in-flight entertainment (IFE) systems on every seat even on domestic flights.

Kingfisher Xpress was a Door-to-Door cargo delivery service launched in February 2010, being the first such service in India promising same-day pick-up in Mumbai, New Delhi, Bengaluru, Hyderabad, Chennai and Kolkata and delivery in up to 18 cities, namely, Siliguri, Bengaluru, Chennai, Coimbatore, Delhi, Kochi, Goa, Guwahati, Hyderabad, Indore, Kolkata, Mumbai, Raipur, Ranchi, Lucknow, Nagpur, Pune and Srinagar.

Lounges were located in: The Airline and it's downfall were featured in the episode of "The King of Good Times" in the Netflix series Bad Boy Billionaires: India.

[41] A parody comedy film, Crew, starring Tabu, Kareena Kapoor Khan and Kriti Sanon, was inspired by the financial crisis and closure of Kingfisher as well as the money laundering by Mallya.