However, since those proceedings began, they have accrued a further £500,000 tax bill which remains outstanding.
The League One club are currently under a transfer embargo because of their unpaid taxes.
Peter Ridsdale, football consultant to the Argyle board, told BBC Spotlight: "There are a number of issues in regard to the Inland Revenue.
"The first is the petition debt which was just over £500,000 and I'm delighted to say that we paid that off yesterday.
"We do have further debt to the Inland Revenue which is roughly the same amount of money, and I'm hopeful that will be paid before the end of the month."
Source: BBC Sport
Source: BBC Sport