Administrators of the Bathla Group have been given up to another year to run the voluntary administration.
The ABC understands the company bank accounts had not been reconciled for some time and may contain about $736 million of overstated inter-company receivables and payables.
Administrator Teneo has secured $4.7 million in initial funding and is continuing talks with lenders about longer-term support.
The NSW Supreme Court on Friday extended the convening period for the administration until September 13, 2027.
The ABC understands the administrators sought the 12-month period because they considered anything shorter inadequate, given the scale of the task ahead.
“We have taken a cautious approach to the time frame to ensure there is sufficient time to progress and complete projects in an orderly way,” Teneo's head of financial advisory Stephen Longley said.
"The extension gives us the time needed to progress projects towards completion but that outcome remains dependent on securing further lender support to maintain critical central functions at Bathla," Mr Longley said.
Six lenders are now providing the initial funding, while discussions are ongoing with other financiers that could potentially join the arrangement.
A preliminary review has identified about 219 current projects carrying about $3.13 billion in debt, against a preliminary total value of about $4.87 billion, with figures subject to ongoing review.
About 30 per cent are expected to be marketed for sale in their existing condition, while the strategy for the remaining 70 per cent is yet to be determined.