Special judge V P Avhad rejected the application of the accused, saying the case was of very serious nature and the court would continue with the trial.
Mohammed Muzammil, Mohammed Sadiq, Mohammed Iliyas, Mohammed Irfan and Mohammed Akram are facing trial in the case.
The accused moved the application earlier this month, saying that they had already spent five years in prison and the trial in the case was not yet over.
In 2012, the Maharashtra Anti Terrorism Squad arrested the five from Nanded for allegedly having links with Pakistan-based terrorist organisation Lashkar-e-Taiba and for possession of illegal firearms to eliminate some "Hindu leaders and journalists" to create unrest in the country at the behest of their leaders and handlers based in Saudi Arabia.