The modus operandi is/was similar to PEquity:
- acquire control of a company in trouble
- give the lenders a haircut
- sell some remaining assets to generate cash (after making sure the lenders can't get to it): this is where they want(ed) to sell the A330 and B777
- make the company borrow cash in the market to start operations
- take a payout / do an ipo

Due to the unique mechanism that India has, the second step is not working well as the lenders won't let them liquidate assets without getting a cut. Also raising money in the market is a tad difficult in the current environment.