Admitting the bail plea District and Sessions Judge Raj Krishan put the hearing for July 31, defence counsel Pravin Seth said.
A CBI court on July 21 had rejected Balkrishna's bail and remanded him in nine-day judicial custody.
He was arrested on July 20 from Haridwar after a local court issued non-bailable warrants against him as he failed to appear before it.
The CBI had registered a case of cheating and criminal conspiracy against Balkrishna on July 23 last year for allegedly procuring fake degree and violating Section 12 of Indian Passport Act by furnishing fake documents to get a passport.
The agency said its investigation had established that the accused, in connivance with a co-accused, had furnished false information and submitted fake and forged High School and graduation certificates to the passport authorities for obtaining the document.