Sessions Judge S B Nikam, granted bail to Panscholi on personal bond of Rs 20,000 and asked him to report to Versova police station every Monday from 4 to 6 pm to help in the investigation.
The actor had allegedly levelled blows on neighbour Pratik Pasrani, leaving the latter with a fractured nose, at their residence in suburban Versova last week, according to the complaint lodged at Versova police station.
A non-cognizable offence under section 323 of IPC was initially registered against Panscholi following Pasrani's complaint.
However, when a medical examination revealed that Pasrani had a fractured nose, Panscholi was subsequently booked under section 325 (causing grievous hurt) and section 506 (2) (criminal intimidation) later.
According to police, Panscholi's guests allegedly parked his vehicle at the space earmarked for Pasrani at Magnum Opus apartments in Versova, as a result of which Pasrani objected and asked the security staff to have the vehicle moved away.
An altercation broke out between the actor and Pasrani over the incident, culminating in assault, police added.