The case was scheduled to be heard on Tuesday after the initial hearing was postponed last month to allow discussions between administrators PKF and Pompey owner Balram Chainrai.
Fans' group the Pompey Supporters Trust want to take over the club but their bid hinges on PKF gaining permission to sell Fratton Park, which is controlled by Chainrai's company Portpin.
The adjournment until 31st January means the future of the cash-strapped club remains far from certain.
Portsmouth joint administrator Trevor Birch said in a statement: "Following discussions last week, all parties agreed to ask the Court for an adjournment until 31st January. We have been informed this afternoon that the judge has granted this request."
Portsmouth have been in administration since last February and face a 10-point deduction if and when they exit.
They are currently in the relegation zone in League One having gone 14 games without a win, and six players, including captain Brian Howard, have been told they can leave the club this week after their contracts expired.
Mustapha Dumbuya, Jon Harley, Lubomir Michalik, Luke Rodgers and Lee Williamson have also departed the club.