As Jet AirwaysNSE -26.96 % shuts down operations, the beginning of its end, at least in its current form, can be traced back to many events. Perhaps the most consequential of those events happened on a Sunday afternoon around last Diwali.
Naresh Goyal, along with his financial advisers, drove to Deepak Parekh’s Mumbai residence to seek advice on how to save Jet. Around that time, the Tatas were evaluating the option of buying Goyal’s troubled carrier. There was also a private equity consortium led by TPG Capital and IndigoNSE 1.07 % Partners LLC, a specialist aviation investor.
