Chief Metropolitan Magistrate Lokesh Kumar Sharma granted bail to Shukla after dismissing the judicial custody plea of police.
Police said Shukla had allegedly removed money and articles of Sreesanth from his hotel room in Mumbai after his arrest May 16.
Police had sought judicial custody of Shukla, saying interrogation and recoveries have been completed, and Shukla was no more required for interrogation.
The court said that prima facie, Shukla had committed an offence under Section 201 (causing disappearance of evidence) of the Indian Penal Code (IPC), which is bailable.
The court said that there was no need to keep Shukla in custody, as there was no need to book him for cheating.
Delhi Police also claimed to have recovered Rs5.5 lakh, at the instance of Shukla. Police claim the sum was part of the Rs10 lakh allegedly paid in Mumbai to cricketer Sreesanth for spot-fixing in an IPL match.
Shukla has been charged under Section 201 and was taken to Mumbai for recovery of articles and money owned by Sreesanth, which he had hidden.