It has been a dramatic turn around for Vijay Mallya at one side where his Force India, Royal Challengers Bangalore (IPL franchise) and the ever successful UB have been doing well while on the other side his ambitious Kingfisher airlines which took off with much fanfare and aplomb has hit the dust.

Kingfisher airlines, once a synonym for luxury is now tied to the stands and all the attempts to kiss the sky has gone in vain with the banks closing in to auction the properties. Mallya, who was once hailed as the 'King of Good Times' has now earned the title 'King of Loan crisis'.

The main priority of Kingfisher now is to stand up on its feet and then stabilize its business which is a bit tough in the present scenario as the Indigo Airlines which is the most profitable airlines in India at present is sure to give a tough competition.

Where did Mallya go wrong? Did his shrewd business tactics take a back seat as his thirst for luxury increased? Lets take a look at how a few steps by Mallya resulted in the downfall of Kingfisher Airlines.

Kingfisher was launched in 2003 and was known for its economy, single-class aircraft with food and entertainment systems. But slowly it started progressing from being the economy flight to one of the luxurious flights in the country.

After about a year of operations, the airline suddenly shifted its focus to luxury, which was followed by a merger with Air Deccan, a low cost airline formed by Captain G R Gopinath. That triggered off a spate of bad decisions by Mallya.

Kingfisher paid a whopping Rs 550 crore on an airline that had already incurred losses of over Rs 550 crore. Recovering a loss of Rs 550 crore and competing with the rivals proved costly. Recession in the year 2008 which hit the air industry made matters worse for Mallya.

Never scared to make new 'mistakes', Mallya took a bold decision of changing the model yet again and completely converting its fleet to a dual class, full-service configuration and many more though the recession was eating up the air industry.

The next mistake (call it a blunder?) was to gift the now luxury airlines to a toddler in business Sidhartha Mallya on his birthday. Though Siddharth was more interested in Deepika than the Kingfisher even the CEOs appointed by Mallya could not turn things around for the airlines. Meanwhile, Siddharth's concentration on Kingfisher calendars which was endorsed by the King Mallya himself and the IPL team Royal challengers Bangalore and the late night parties increased. They even directed the funds from the airlines to IPL resulting in heavy borrowings leading bankers like SBI.

With the debts raising and frequent cancellation of flights Mallya even failed to pay the employees of Kingfisher for more than 3 months driving a nail on his toe as the employees revolted against the company forcing the flamboyant Mallya to go on a hiding, though he was regularly seen in the Force India circuits.

Now Mallya, who is expected to rise from the dust has to concentrate on going back to the basics and start everything from the dot. It is time he gives up his quench for luxury and target the common man who can catapult him to the skies again.