FA Cup semi-finalists Cardiff were rescued from the brink of financial disaster when a High Court judge rejected a bank's pre-emptive bid to secure immediate repayment of up to £24million.
Swiss investment bank Langston is suing the club over loan notes which it holds and had sought "summary judgment" - meaning the Championship club should pay up now.
But Mr Justice Briggs, sitting in London, dismissed the claim for summary judgment.
As a result, the case will go forward to a full trial of the complex issues involved.