The order was passed by Additional Sessions Judge Daya Prakash. Accused Mohd Rashid and Mohd Shahid were arrested last year from Haryana's Mewat region.
During the hearing, the police sought time saying one of the absconding accused Abdul Subhan, who was allegedly in touch with Pakistan-based LeT terrorist Javed Baluchi, was yet to be arrested.
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The court, however, dismissed the bail pleas and directed the police to conclude the probe by May 7.
With their arrest, the police had claimed to have unearthed a terror module of LeT which was at an "advanced stage" of planning a major strike in Delhi.
Regarding Baluchi, it had said that intelligence agencies had provided information in November last year that Baluchi was contacted on his Pakistani mobile number from Rajasthan and there were conversations regarding a conspiracy to carry out a terror activity in India.
It had claimed that Rashid had told the investigators about LeT's plan to execute a terrorist activity "on the anniversary of Babri Masjid demolition".
After their arrest, Rashid and Shahid had claimed that they had met two persons in Uttar Pradesh's Muzaffarnagar region after the riots, according to the police.
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