"We will look into the complete judgement and the right decision would be taken at the appropriate time", he said.
"If the court's verdict appears unfavorable, I will certainly step down".
Chandy claimed that the Supreme Court has held that there is no connection between the observations being made in an open court and a signed verdict.
In his petition, Chandy said all sorts of "wild and baseless" allegations were being raised against his Water World Tourism Company, targeting him "with the set agenda orchestrated" by his political rivals, interested parties and the media.
Former state Congress president V.M. Sudheeran termed Vijayan "a coward of the first order" for failing to ask Chandy to quit and added that the Chief Minister should resign. Even if I step down, I will come back stronger.
"We stand behind Chandy, but the final decision rests with the Chief Minister", said Peethamabaran.
The controversy over Thomas Chandy's alleged land grab surfaced after Alappuzha district collector T.V. Anupama submitted a report in August saying that portions of the Marthandam Lake had been usurped for building the Minister's plush Lake Palace Resort, besides a paddy field was levelled for a parking lot for the resort.
The Division Bench of Justice P.N. Raveendran and Justice Devan Ramachandran rejected the plea filed by Chandy.
Kerala Transport Minister Thomas Chandy was on Tuesday nudged closer to what appeared to be imminent resignation after the high court questioned his decision to challenge a district collector's report which validated allegations of land encroachment against him.
Challenging this, the minister had moved the high court, which today dismissed his petition.
Severely criticising the minister for such a move, a division bench of the court commented that he can not approach the court as a minister and as a common man at the same time.
A division bench of the high court, comprising justices P N Raveendran and Devan Ramachandran held that a minister can not file a petition against his own government, which had ordered the district collector to look into the matter and submit a report.