Justice Ajay Gadkari asked the ED to present Bhujbal (69) before a government-constituted medical board of senior doctors to seek an opinion about his health and submit its report on May 27.
The court would decide the bail plea after going through report of the board.
Bhujbal had sought bail on health grounds saying he had multiple problems, including diabetes, blood pressure, chronic asthma and blockages in heart.
Public Prosecutor Purnima Kantharia opposed Bhujbal's bail plea, saying he has been getting good treatment at government hospitals.
However, the Judge was of the view that an opinion should be obtained from an independent panel of doctors.
On May 13, a Special Court for Prevention of Money Laundering Act (PMLA) here had rejected the bail petition of Bhujbal, following which he moved the high court.
Judge P R Bavake of PMLA court had rejected the bail petition after ED objected saying investigations were still on and he was getting proper treatment in government hospitals.
Bhujbal was arrested on March 14 by the ED on charge of money laundering in the Maharashtra Sadan scam.
The Anti-Corruption Bureau had filed an FIR against Bhujbal after it found irregularities in construction of Maharashtra Sadan in Delhi which was built at a cost of Rs 100 crore. It is alleged that the contractor had given kickbacks to Bhujbal.
Another FIR was filed by the ACB against Bhujbal in which it was alleged that he had received kickbacks in awarding the contract of state central library in Kalina campus of Mumbai University.
