Justice S P Garg told the CBI to file a status report before March 16.
The CBI, however, contended that the matter was not maintainable.
During the hearing, senior advocate Kapil Sibal, appearing for Karti, informed the high court that he would withdraw the bail plea from the trial court.
Earlier in the day, the matter was posted before Justice Indermeet Kaur who recused herself from the case and said she would refer the matter to the Acting Chief Justice for assigning the bail plea to another bench for today itself.
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Karti, the son of former Union minister P Chidambaram, had moved the high court seeking bail, hours after a court here sent him to judicial custody till March 24.
Karti's parents P Chidambaram and Nalini Chidambaram, both senior advocates, were present in the courtroom.
A special court had yesterday sent Karti to judicial custody in the INX Media corruption case and dismissed his plea that he be put in a separate cell in Tihar Jail in view of "threat perception".
The court had sent him to Tihar Jail after the CBI, in whose custody he was quizzed for 12 days in a row after his arrest on February 28 from Chennai, said he was no longer required for further custodial interrogation.
The court said his bail plea would be heard on March 15 as scheduled.
Karti was arrested by the CBI on his return from the United Kingdom in connection with an FIR lodged on May 15 last year. It alleged irregularities in a Foreign Investment Promotion Board (FIPB) clearance given to a media house, INX Media, for receiving funds of about Rs 305 crore from overseas in 2007 when his father was the Union finance minister.
The fresh evidence in the case, which triggered Karti's arrest, was based on a statement of Indrani Mukerjea, former director of INX Media (P) Ltd, who recorded it under Section 164 of the CrPC before a magistrate on February 17.
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