The global aviation industry has changed very rapidly in recent years, mainly due to changing technology and business models. These changes have also impacted the industry in India, forcing Indian airlines to face new and unpredictable challenges, not always successfully. The bankruptcy of Jet Airways is a relevant but still “unsolved” example in this regard. We study the financial structure of the company, with the aim of understanding whether financial turmoil for an airline can be a precedent for predicting the risk of bankruptcy. A combined assessment using the Altman Z-score, Piotroski F-score and Beneish M-score emphasizes that financial instability functions as a predictor of bankruptcy (for Z– and F-scores) in the analyzed case, while excluding (through the M-score) the potential manipulation of profits as financial malpractice.