Former chairman Gordon Gibb is challenging a decision that would allow the club to reach a financial settlement with its creditors.
According to reports, a ruling on the case should have been made earlier this month at the High Court but it now appears the hearing may not be listed for four or more weeks.
When a Company Voluntary Arrangement was put to creditors in August, most of them accepted the proposal.
Mr Gibb however decided to take legal action on behalf of his pension fund which rejected the repayment package.
All the other creditors including the Inland Revenue also had the chance to oppose the CVA over a period that lasted just under five weeks. Fortunately for the club, none of them objected to it.