New Delhi, Jan. 29 -- Company Outsider is a weekly newsletter by Sundeep Khanna.

Last week's liquidation orders for Go First appear to be another blow to India's airline passengers. With the options narrowing to Air India, IndiGo and the smaller fleets of a struggling SpiceJet and the newcomer Akasa Air, the spectre of a stifling duopoly by the first two in which fliers are burdened with high fares and poor service looms large.

The failure of Jet's revival plan and the baffling disappearance of Vistara, India's best-run airline, further compounds those fears. Nor are these unfounded. Last month, year-end travel became a nightmare as airfares from and to major metros soared as airlines took advantage of the holiday rush to charge double ...