Justice Vibhu Bakhru issued notice to the income tax department and directed it to file an affidavit on Jain's plea and listed the matter for hearing on October 11.
The I-T department has registered a case against Jain under the new Prohibition of Benami Property Transactions Act.
The department had provisionally attached the land and other assets worth over Rs 30 crore in this case.
The assets were initially provisionally attached on February 27 and the order was extended on May 24 by the IT department till the time the adjudicating authority took a final decision.
In his plea, Jain has said the attachment was done as per the amended provisions of the Prohibition of Benami Property Transactions Act of 1988 and claimed that the amendment of 2016 would not be applicable in the instant case.