Jet Airways was the first private full-service carrier in India and was also part of one of the three largest aviation companies in India in terms of fleet size and financial prowess. In April 2019 it abruptly suspended operations. The company ran out of cash and was unable to run the airline and its associated businesses. A number of financial creditors had filed insolvency petitions with the National Company Law Tribunal. The company had accumulated debt to the extent of INR 25,000 crores (approximately USD 3.33 million), of which INR 8,500 crores (USD 1.06 million) was from a consortium of banks. Under the new Insolvency and Bankruptcy Code, the banks took over running the company and were entrusted with the job of identifying new investors to revive the airline. The revelation that the erstwhile star airline was underwater and drowning in debt shocked stakeholders. How and why did the reversal of fortunes happen? Were there any red flags leading to the fallout? Did the published financial statements forewarn of the impending catastrophe? What lessons could be gleaned from this episode? Students will be asked to analyze the financial performance of Jet Airways in respect of these issues.