I don't think Vijay is but Kingfisher Airlines certainly isn't in the best of health. hence why part of FI was sold off to Sahara as Mallya couldn't afford to keep it going.
http://en.wikipedia.org/wiki/Kingfisher_Airlines
State Bank of India (SBI) on 5th Jan 2012 declared Kingfisher Airlines a NPA (Non-performing asset). SBI is largest credtor and the leader of the consortium of banks in the DRP (Debt Recast Package) and has an exposure of1,457.78 crore (US$276.98 million).[65]
http://en.wikipedia.org/wiki/Kingfisher_Airlines