FA Cup semi-finalists Cardiff were rescued from the brink of financial disaster on Wednesday 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.

The judge said the case was "clearly unsuitable for summary determination". He refused Langston permission to appeal to the Court of Appeal.

The judge was invited by both sides in the dispute to delay the full hearing of the case for two months in the hope that it can now be resolved without the need for further court action.

The Coca-Cola Championship club, who are still savouring their FA Cup quarter-final victory against Middlesbrough, had faced possible administration if Langston succeeded in their claim.

Langston's counsel, Michael Driscoll QC, had told the court it was accepted by both parties that Langston were a substantial creditor of the club and that the debt owed to them was in excess of £15million.

It was also commonly accepted that Langston loaned £24million to the club in 2004, and it had yet to be repaid anything.

It was the club's case that nothing was payable at the moment.

The judge extended the time limit for Langston to renew its application for permission to appeal to the Court of Appeal until June 10.

Announcing that a two-month stay on the action had been agreed, the club's counsel, David Wolfson, said: "It has always been the club's aim to reach a settlement without incurring further legal costs and, over the next two months, we hope very much to do that so we can concentrate on matters on the field where, I'm glad to say, we have enjoyed some success."

The judge wished the two sides "every success" in their endeavours to resolve the dispute.

After the hearing, the club's chairman, Peter Ridsdale, said: "I'm relieved. I think that we have always accepted that we owed Langston £16million and the proceeds of the naming rights of the new stadium up to a maximum of £9million.

"We feel that the action over the last seven months has been strangling the club and has been unnecessary.

"We would expect anyone who has a difference of opinion to sit down and come to an amicable conclusion but all that happened was we were dragged through the courts, which was very expensive and time-consuming and stops the process of raising cash which could have gone towards resolving this dispute.

"I sincerely hope they will sit around the table and realise that an amicable situation is the only way forward for both parties."

Langston is to pay the agreed costs incurred by Cardiff City in contesting the summary judgment application after the judge refused to "stay" payment pending any renewed application for leave to appeal.

Mr Justice Briggs said Langston held £24million fixed rate unsecured redeemable loan notes issued by the club under a document dated September 2004.

It was agreed between the parties that, if the document continued to govern the terms for the redemption of the loan, Langston was entitled to judgment for more than £30 million.

But the club claimed the document was varied by a written agreement with Langston in October 2006, with the result that nothing was immediately due for repayment.

The judge said the club had "a real prospect of a successful defence" and should not be subjected to a summary judgment.

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