A division bench of Justice VM Kanade and Justice Anil Menon, however, refused to restrain the producers from advertising for the movie saying that prima facie "no case was made out" to grant relief.
The HC has kept the Talwars' petition for final hearing on June 13, after which the decision on the release of the movie will be taken.
Nupur and Rajesh Talwar, who have been convicted for murdering their teenage daughter Aarushi, had moved the HC seeking a stay on the release of the movie on the ground that the film is based on "distorted facts surrounding the gruesome death" of their daughter Aarushi.
Talwars are undergoing life sentence awarded to them by the sessions court at Ghaziabad and their appeal is pending before the Allahabad high court.
Advocate Atul Damle, counsel appearing for director Manish Gupta and producer UVI Films Production Ltd., assured the court that they will not be releasing the movie before June 13. He also assured the court that they will put a disclaimer with the movie promos and advertisements.
The disclaimer will be put saying that the movie is a work of fiction and does not bear resemblance to any person dead or alive.
Talwars had sought a stay on the release of promos and advertisements saying that they could influence their case which is still pending appeal.
While refusing to grant relief, the court observed: "No case is made out to grant relief in the notice of motion."
The judges also took note of the assurance given by the producers that they would be giving a disclaimer along with the advertisements.
The judges have, however, stayed the order to allow the Talwars to approach the Supreme Court.
The Central Board of Film Certification (CBFC) had earlier informed the court that the movie is based on fiction and bears no resemblance to the case of Nupur and Rajesh Talwar.
On the intervening night of May 15 and 16, 2008, Aarushi and their house help Hemraj were found murdered at the Talwar residence in Noida near Delhi.