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.
His counsel Amit Desai on Friday submitted that Bhujbal was not in good health and urged the court to consider the risk factors involved before deciding on his bail plea.
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 in Mumbai 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.
On behalf of the senior NCP leader, his lawyer pleaded that Bhujbal was in custody for nearly two months and was suffering from multiple health problems for which he needed to undergo treatment.
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.
Bhujbal is currently lodged in Central prison at Arthur Road in Mumbai along with his nephew and former MP Sameer Bhujbal, who was also arrested in the same case on similar charges.
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