Ping Restaurant & Dessert Bay - Bangalore: Death of a GOOD Concept & Seemingly good Business

I was driving through Koramangala today and noticed that the "Ping Restaurant & Dessert Bay" had closed down. In my assessment, Ping had gotten a lot of things right.
1) The Location - Great single storey building in a prominent road in Koramangala with parking available quite easily around the area.
2) The Concept - Focused around Dim-Sums with a larger Chinese style menu. The quality of the food seemed to be pretty good going by all the reviews.
3) Sensible Pricing - Priced reasonably well. Average spend per customer - approx. Rs. 200-400 with some value lunch offers. Value for Money for customers while allowing enough margins for the business to make money.
4) The Setting - Quite unique and nice with a mix of outdoor and indoor areas with water bodies. A unique visible kitchen area.

With a good location, a nice concept, good food, sensible pricing and a nice ambience, the business seemed to have everything needed for success. Within a short time they also built up quite a fan following - 172 reviews of Burrp (one of the highest number of reviews for a restaurant in Bangalore on Burrp), won a Times Food Guide award for best Chinese food. So this restaurant shutting down came as a surprise to me. Yes, there were some service issues according to some Burrp reviews in the last few months, but that alone could'nt have been the reason for this unique restaurant to shut down. An interview with the folks behind Ping would probably give us some answers - I hope to do this soon and do a post on the blog.