Special CBI Judge O.P. Saini said: "Arguments heard, keep the order for May 15."
The CBI opposed the bail application of Raja, saying that he is facing charges of accepting bribe of Rs.200 crore, which makes his case different from former telecom secretary Siddharth Behura.
Behura was granted bail by the Supreme Court Wednesday.
Raja, in his bail application, has requested the court to release him on the ground of parity.