The film was scheduled for release across India September 13.
A lawyer had petitioned the court that the film contained vulgar dialogues and obscene content.
He said the movie promos were degrading to women, and that the content of the film was indecent.
Starring Vivek Oberoi, Riteish Deshmukh and Aftab Shivdasani, 'Grand Masti' is a sequel of the film 'Masti', which was released in 2004.
In his petition, the lawyer also sought directions for the Central Board of Film Certification to reconsider its approval granted to the film.