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India revokes passport of drinks tycoon Vijay Mallya
The heavily indebted businessman was due to receive the money after being ousted from the firm in February.
But a consortium of banks and creditors had demanded the money should be used to settle some of Mr Mallya's outstanding debt to them.
Earlier this month a consortium of 17 banks, led by the State Bank of India, rejected a proposal by Vijay Mallya to pay 40bn Indian rupees ($600m; £416.4m) by September, to settle his loans. The group said the offer was inadequate and subject to too many conditions.
Following the rejection, the Supreme Court in New Delhi then asked the businessman to make a full disclosure of his assets.