HMRC, which had sought a winding-up petition, said administration "offers the best chance of the club surviving".
Hugo Groves, representing the club, asked for the adjournment of a winding-up petition by HM Revenue and Customs.
The financially-troubled Ryman Premier Division club have had the case to hear a winding-up petition against them adjourned until 26 November.
The outstanding debt is not currently the subject of a winding-up petition, but because it is older than a month the transfer embargo remains in place.
The Press Trust of India reported Monday that pilots from Mumbai served Kingfisher an ultimatum to clear their back payments by January 31 or face another winding-up petition.
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The sale of four players during the January transfer window, including top scorer Bradley Wright-Phillips, enabled the tax debt relating to the winding-up petition to be paid off.
Pompey have lurched from one crisis to the next in recent months, with the Premier League club facing a winding-up petition from HMRC at the High Court on 10 February for unpaid taxes.
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They have failed to pay their players on time several occasions, are the subject of a winding-up petition and legal action from former player Sol Campbell, and have only recently had a transfer embargo lifted.
However, another creditor has also joined in with HMRC's winding-up petition to the High Court on Wednesday next week, with Grosvenor Basingstoke Properties the latest to claim they are owed money by Portsmouth - though that is being disputed by the club.
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The club had earlier issued a statement denying being formally served with a winding up petition by Her Majesty's Revenue and Customs in respect of disputed tax payments -- and their mood was not helped after a thrashing that left them still bottom of the table by four points.
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