The matter came up in the chamber of Justice Ranjit More and Justice Bharati Dangre when both Zinta and Wadia were also present.
A Wadia Group official, while confirming the developments to IANS, declined to comment on the matter.
As per Zinta's complaint, Wadia allegedly abused the IPL team staffers over ticket distribution and that she urged him to remain calm as their team was winning that evening.
However, she alleged that Wadia grabbed her arms, abused and molested her and that she lodged a police complaint against him on June 13, 2014.
This year, in February, the Mumbai Police lodged its charge-sheet in the case against Wadia, prompting him to move the high court to quash the proceedings.
During the hearings, the court suggested to both Zinta and Wadia to "consider finishing off the case" and placed the matter for final hearing on Wednesday when they were present along with their lawyers.
Emerging from the hearing, Wadia's lawyer Abad Ponda said "the case has been quashed nothing more can be divulged".
Now married to a US national Gene Goodenough, a senior executive at the power major NLine Energy, Zinta, 43, once dated Wadia, 47, the Joint-Managing Director of Bombay Dyeing and MD of Bombay Burmah Trading Corp.