A bench headed by Justice Altamas Kabir passed the order after hearing for two hours arguments put forth by Additional Solicitor General Haren Rawal, who on behalf of Enforcement Directorate, challenged the bail granted to Khan by the Bombay High Court about a week back.
The apex court fixed Wednesday for further hearing on the matter.
Earlier, in the day, the apex court expressed its ire over non-appearance of the government lawyer when the matter came up for hearing. It threatened to vacate the stay after Rawal failed to appear before it.
"We don't want any such thing. You are playing with the life and liberty of a person. This is unfair on your part to obtain a stay and then cite some excuses," Justice Kabir said when told that Rawal was busy in another court.
The apex court said it was not a mere question of ASG but even the Attorney General G E Vahanvati was present on August 16 in a connected case and hence one of them should have been present in the court.
Upset over the senior law officer's absence, the bench also rejected the profuse apology tendered by the junior government counsel.
"Apologies will not do. We will be forced to recall our order if your law officer (Haren Rawal) is not present here by 12:30 PM," the bench warned.
The three-judge bench had on August 16 stayed Khan's release on bail granted by the Bombay High Court.