Avi, great job standing up to what you value. Needless to say that the management got a good deal by not having to fire you. I would have loved to see you going to the office for many months and collecting your paychecks for nothing. Anyway, you can still do this for 2 months. I am surprised that your company lets you continue for 2 months after you said, "I resign". In my company, you would have been asked to pack your bags within an hour. So I say, use those 2 months to look for a better job (Without worrying about the B-schools) and collect some money from this company for nothing. But please do return the external hard-disk.
Again, thankfully you are getting 2 months, so it is okay .. otherwise you had taken a big risk with your H1 visa by saying, "I resign". If you were made to leave the same day, you would have to find a new job in 15 days, right? That was a little irrational. Thankfully this irrational action didn't hurt you. As for telling the B-schools about it, my vote is "Don't tell this story at all". There are just too many risk elements here. You may sound stubborn (Depending on how they read the story), you may sound frustrated at work / from your boss, you may sound like someone who doesn't think long before making big decisions. There are just too many ways for this story to hurt you. Hopefully you will get a great job and an admit from a school to make it all seem irrelevant in a few months.
If you need help with finding a job, please let me know. If your profile matches any requirement in my company or in other companies that I know of, then I'll definitely try to help. If you need any help, that is. All the best .. and once again, I am proud of the fact that you stood up for your values.