"You (lawyer) tell us what provisions have been violated. Tentatively speaking, we don't find any material in support of the petition," a bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud said.
The bench asked lawyer M L Sharma to take time and prepare "hard" and come out with material in support of the PIL.
The court then fixed the PIL for further hearing on January 20.
Earlier, the bench had refused to accord urgent hearing to the plea.
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The PIL said the Centre be directed to present the Union Budget in the financial year 2017-18 which would commence from April 1, instead of the proposed February 1 date.
It also said that the central government be restrained from declaring "any relief, programme, financial budget until the states' elections are over" as they would violate the Model Code of Conduct (MCC).
The Election Commission had on January 4 come out with the schedule of Assembly elections to be held in five states, including Uttar Pradesh.