The initial hearing was postponed last month to allow further discussions to take place between PKF and Chainrai's company Portpin.
Fans' group the Pompey Supporters Trust want to take over the club but their bid hinges on administrators PKF gaining permission to sell Fratton Park, which is controlled by former Portsmouth owner Balram Chainrai.
The move is further bad news for a club already struggling.
Joint administrator Trevor Birch said in a statement: 'Following discussions last week, all parties agreed to ask the Court for an adjournment until 31 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 npower League One, have not won any of their last 14 matches and have this week let five players, including captain Brian Howard, leave the club at the end of their short-term contracts.
They lost vital revenue when Saturday's home game with Notts County was postponed at the last minute leaving both sets of fans irate.