The court said it was not granting Tulli any interim protection till January 11.
It also directed the prosecution to file its response on the anticipatory bail plea filed by Tulli yesterday.
The family members of one of the fire tragedy victims has also filed an intervention application, opposing Tulli's bail plea.
In its preliminary probe report, the Mumbai Fire Brigade had said the blaze had possibly started at Mojo's Bistro due to the flying embers of a hookah. The fire had spread to adjacent 1 Above, a swish terrace resto-pub located in a building in the Kamala Mills compound in central Mumbai.
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The police had last week arrested Yug Pathak, another co-owner of Mojo's Bistro, in connection with the incident.
Pathak, the son of a retired IPS officer, and Tulli, a Nagpur-based businessman, were booked under sections 304 (culpable homicide not amounting to murder), 338 (causing grievous hurt by act endangering life and personal safety of others) and other relevant provisions of the IPC.
The police had earlier arrested two managers of 1 Above in connection with the case.
In a related development, the two managers of 1 Above -- Kevin Bava and Lisbon Lopez -- were today remanded to judicial custody till January 22 by a magistrate's court here after the police submitted that they did not need their custody anymore.
The police had recorded Pathak's statement in the case earlier. The names of Pathak and Tulli were added to the FIR, which was lodged on December 29 against the owners of 1 Above -- Kripesh Sanghvi, Jignesh Sanghvi and Abhijeet Mankar.