A bench of Justices Ranjan Gogoi and Prafulla C Pant asked senior lawyer Harish Salve, appearing for Nulwalla, to file a curative petition to raise the alleged new ground for seeking reduction in sentence.
The bench said the convict should have filed a curative petition as this remedy was yet to be exhausted.
The bench kept Nulwalla's plea seeking reduction of the five-year jail term to three years pending and asked him to file a curative petition on the matter.
The apex court had upheld the conviction and the five- year sentence of Nulwalla, a close friend of Dutt who was held guilty of destroying the weapons kept at the actor's house.
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On March 12, 1993, Mumbai was rocked by a series of blasts engineered by fundamentalist elements, which claimed almost 300 lives and damaged property worth over Rs 27 crore.
The Supreme Court, in 2013, had brought a closure to the appeals by the convicts and the state in the case and upheld the death sentence of Yakub Abdul Razak Memon, brother of one of the absconding main conspirators Tiger Memon, and life sentences of 16 of the 18 convicts.