The order was pronounced by the Dindoshi court after being deferred four times.
Among the conditions were that Kodiyeri, who is underground for a week now with a Mumbai police team which visited Kerala but were unable to trace him, should present himself before the Oshiwara police every Monday for the next one month, deposit a sum of Rs 25,000 and furnish one surety.
He should also hand over his blood samples, if asked by the police probe team.
The court also directed Kodiyeri to see that he does nothing to influence the case or the witnesses and also stopped him from travelling outside the country, without taking the court's permission.
However, counsel of the victim, a 33-year-old Mumbai-based woman who alleges that Kodiyeri sexually exploited her for several years on the promise of marriage, told the media that they will appeal the decision in a higher court.
According to the FIR filed at the Oshiwara police station in Mumbai's Andheri, they also have a child.
The woman registered the complaint on June 13 after she came to know that Kodiyeri was already married.
According to her complaint, she entered into a relationship with Kodiyeri while working at a dance bar in Dubai in 2008 and now has an eight-year-old child with him. She said that till 2015, he even used to send her money every month, for which she has already produced documentary evidence.
Despite the CPI-M's national and state leadership, including the accused's father, washing their hands off the matter, saying the party has nothing to do with this as Kodiyeri is not its member and he alone should handle it, Wednesday's ruling evoked political reactions in Kerala.
State Congress spokesperson Joseph Vazhakan said Wednesday's orders do not absolve either the CPI-M or Balakrishnan, as this is only a temporary relief.
BJP spokesperson M.T. Ramesh said that Kodiyeri should undergo a DNA test and if he claims he has done no wrong, why is he in hiding.
( With inputs from IANS )