Move comes as huge provisions for bad loans push loss to Rs 4,488 crore.
Liquor baron Vijay Mallya's Kingfisher Airlines will commence operations during the first quarter of 2005.
The enforcement agency is looking to ensure that no big deals or transactions, such as the one Mallya struck with Diageo for Rs 500 crore, take place.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
First case filed after new norms come into force, NCLT admits plea.
Mallya and UBHL now hold a little over 3.3 per cent in USL.
Five years after the Dutch brewer took 37.4% in Vijay Mallya's UB, it has bought another 1.35%.
The move also invalidates, albeit temporarily, Mallya's repeated assurances to the court and the public of a revival plan for the carrier.
IDBI Trusteeship Services, in its capacity as the lenders' trustee to Kingfisher Airlines, has invoked a little over 4.93 mn shares worth Rs 1,300 crore.
SBI approaches Karnataka HC to arrest Mallya, impound passport, disclose full assets
Airbus recently bagged large orders from Indian airlines such as Indigo and Go Air.
It is understood he is moving court indicating lenders had been rough with him and, hence, caused damage.
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
Diageo, the world's largest distiller, has been focusing on compliance at United Spirits Ltd (USL) after its acquisition of a controlling stake in India's largest spirits maker.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
Last Saturday, USL board asked its Chairman Vijay Mallya to quit.
Calcutta HC dismisses United Bank of India's decision on technical grounds
In an SEC filing dating back to 1997, he figures as "J Vallabh".
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
USL is already contesting a Karnataka High Court order.