Justice Ingrid Simler at the Royal Courts of Justice in London concluded the hearing and said as the matter of "some importance", she would take some time to consider it and hand down her ruling on June 12.
Nirav Modi was arrested by uniformed Scotland Yard officers in central London on March 19 and faces extradition to India.
Barrister Nick Hearn from Furnival Chambers will represent the CPS at the bail hearing, while Modi will be represented by Clare Montgomery of Matrix Chambers.
Meanwhile, a dozen luxury cars belonging to Nirav Modi and Mehul Choksi have been auctioned, fetching the government exchequer Rs 3.29 crore
Choksi and his nephew Nirav Modi are wanted by the ED and the CBI (Central Bureau of Investigation) for allegedly defrauding the PNB to the tune of Rs 13,400 crore, in collusion with a few of its employees.
A two-member bench of VP Singh and Ravikumar Duraisamy, allowing more time, fixed the matter for further hearing to April 25.
Nirav Modi had the directors’ passports taken away and phones smashed after flying them to Dubai and Cairo.
Modi could be charged with violations in the Racketeer Influenced and Corrupt Organisations (RICO) Act.
The diamond merchant, who has been behind bars at HMP Wandsworth in south-west London ever since his first bail application was rejected on March 20, can apply for a High Court bail appeal at any time until his next remand hearing on April 26.
The 48-year-old diamond merchant is wanted in India for alleged "high value and sophisticated" fraud and money laundering amounting to $2 billion.
Nirav was denied bail on grounds of the high value of funds embezzled and high access of escape
'Given the nature and seriousness of charges and the resources available to him… there will be an overwhelming desire to flee the jurisdiction and interfere with the administration of justice,' said Cadman.
As soon as the news came out, sources said, ED Director Sanjay Kumar Mishra cancelled the order in Delhi and restored the charge to Kumar.
In a statement issued by his lawyers, the raids against him were on the basis of 'an old and dated 'Know Your Customer' (KYC) document' submitted by him to the Punjab National Bank in 1995.
"Modi is expected to be produced before the court for a second bail application hearing on March 29," a court official confirmed on Tuesday.
The 48-year-old's defence team, led by barrister George Hepburne Scott, told the court about the existence of the multiple travel documents during his plea for bail, which was rejected by District Judge Marie Mallon.
HMP Wandsworth is a Category B prison, where criminals are held if not deemed to be of a high level of security risk.
The 48-year-old is currently said to be living in a three-bedroom apartment in London and has travelled in and out at least thrice since his passport was cancelled by Indian authorities in 2018
The fugitive billionaire diamantaire was arrested on March 19 from London's Holborn Tube metro station.
A London court had issued the arrest warrant against Modi, the main accused in the PNB scam case, in response to an Enforcement Directorate (ED) request for his extradition in a money laundering case.
Nirav Modi is expected to be put under formal arrest by the local police soon
The Enforcement Directorate (ED), early this month, had said that United Kingdom's home secretary Sajid Javid had referred India's request for extraditing Modi to a court for initiating legal proceedings against the diamantaire.
An official from Antigua's PMO said that his government would wish him (Choksi) gone, as he “brings nothing to Antigua but unwanted publicity”
Choksi’s move is being seen as an attempt to avoid getting extradited to India
The alleged fraud took place at the same PNB branch where the Nirav Modi scam took place.