Justice Mohammad Yaqoob Mir gave four weeks' time to the state government and other respondents to file objections relating to the petition.
The petition was filed by students undergoing academic courses under the scheme.
The court also directed that status quo be maintained in respect of petitioners pursuing the academic courses and release of scholarships to them.
The scheme was announced in the wake of 2010 summer agitation to improve the educational scenario in the state.
The PMSSS envisages to provide 5000 fresh scholarships every year over the next five years beginning 2011.
Many students, who had availed admission under the scheme, alleged the scholarship money had not been released and the colleges were asking them to either pay or leave.