In its 97-page order, the division bench of Chief Justice Ajay Khanvilkar and Justice Alok Aradhe disposed of the petitions filed separately by senior Congress leader Digvijay Singh, local corporator Rajesh Sonkar and seven others with a direction that SIT will oversee the probe.
The HC had earlier also dismissed similar petitions seeking CBI probe.
The SIT will be headed by a retired high court judge, a retired IPS officer and a retired IT expert.
He had also sought appointment of an amicus curiae to assist the court in the probe and also questioned STF's ability to investigate the scam of this magnitude.
The Congress leader had also objected to Additional Advocate General (AAG) Purshendra Kaurav's role as the counsel said it amounts to "conflict of interest" since he is also representing MPPEB.
However, the court did not entertain either of the demands including that of CBI probe, appointment of amicus curiae, related to AAG and taking away investigations from STF.