The court had yesterday thrown out the government's appeal for another delay, citing elections in Karnataka, and had ordered that the draft be submitted in 24 hours.
Chief Justice of India Dipak Misra has reserved judgement to "examine the draft to see whether it is in consonance with our judgment and pass a order".
The bench, also comprising Justices A M Khanwilkar and D Y Chandrachud, did not accept the vehement submission of senior advocate Shyam Divan, representing Karnataka, that the finalisation of the draft Cauvery scheme be put on hold till the first week of July as the process of Government formation was on in the State.
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The scheme, once finalised, would deal with the issue of water share of the four states in different circumstances like normal and deficient water years in the Cauvery river basin.
In a crucial hearing, the Supreme Court on Wednesday will examine the draft of Cauvery management scheme submitted by the Centre. If not on Friday, the order would be passed on May 22 or 23, it said.
In this petition Tamil Nadu is seeking to initiate contempt proceedings against the Centre for not constituting the Cauvery Management Board (CMB) within the stipulated period of six weeks.
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The top court had modified the Cauvery Water Disputes Tribunal (CWDT) award of 2007 and made it clear that it will not be extending time for this on any ground.
The central government had filed the draft scheme before the court on Monday.
The SC had also directed Centre to change the headquarters from Bengaluru to Delhi and also added that no more dams can be built across Cauvery river.
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"All of us saw how Prime Minister Narendra Modi misused the office of Governor in Tamil Nadu".