Arena Coventry said earlier this month that it was owed more than £1.3million and planned to ask a High Court judge to place the club into administration.
Lawyers representing Arena Coventry appeared at the High Court in London on Friday to outline the latest state of play.
They said Arena Coventry bosses had been concerned by a statement made by the club earlier this week - and needed more time to consider their position.
A judge adjourned the hearing until Tuesday.
In the statement, a Coventry spokesman had said that a "non-operating subsidiary" of the club had been placed into administration. He said the "football club itself" was not under threat and would continue to "trade as normal".
Eighth-placed Coventry on Saturday travel to bottom-of-the-table Portsmouth - a club placed into administration more than a year ago.