Experts put a lot of the blame on Goyal's management style. They say his decision to have a single management team, headed by himself, running all Jet's operations was a crucial mistake. Analysts say he should have had one team running the full-service carrier and another running the budget flyer. "Jet lacked a concrete business model and fiddled with it often, which confused investors, (and) passengers alike," said Agarwal, who believes the company's decisions lacked transparency. Goyal has also been accused of making bad investments and failing to address the company's deteriorating financial predicament while borrowing heavily. "Simply put, they spent more than they earned and kept accruing debts," added Agarwal.