What is Review Petition?
A Review Petition is a request to the same court or tribunal that passed an order, asking it to reconsider on grounds permitted by law — typically an error apparent on the face of the record or discovery of new and material evidence.
| Meaning | A Review Petition is a request to the same court or tribunal that passed an order, asking it to reconsider on grounds permitted by law — typically an error apparent on the face of the record or discovery of new and material evidence. |
|---|---|
| Category | Legal & Insolvency |
| Related Laws | CPC Order XLVII; SARFAESI; RDB Act |
| Who Uses It | Parties, advocates |
| Why It Matters | Limited but useful tool to correct obvious errors. |
Review Petition explained in plain English
A practitioner's view written for borrowers and advisors — not a textbook definition.
A Review Petition is a request to the same court or tribunal that passed an order, asking it to reconsider on grounds permitted by law — typically an error apparent on the face of the record or discovery of new and material evidence.
In practice, Review Petition is used most often by parties, advocates. Each of them sees the term from a slightly different angle: borrowers care about protection and outcomes, lenders care about classification and recovery, regulators care about consistency and disclosure.
The legal anchor for Review Petition is CPC Order XLVII; SARFAESI; RDB Act. RBI master directions, the SARFAESI Act 2002, the RDB Act 1993 and the IBC 2016 commonly interplay, depending on the loan size, security and stage of stress.
Why does it matter? Limited but useful tool to correct obvious errors. For a stressed borrower, getting this concept right early often saves several months of penal interest, legal cost and credit-score damage.
A real example: Borrower files review petition against a DRT order overlooking a key document. The mechanics may look complex, but the underlying logic — the bank wants closure, the borrower wants a fair outcome — is straightforward once the right framework is in place.
If you are facing a situation involving Review Petition, the safest first step is a structured case review with a senior ex-banker who has handled comparable matters across banks and ARCs in India.
Where you'll encounter Review Petition
Whenever a loan moves from "Standard" to "stressed", Review Petition is one of the words that starts appearing in notices, bank emails and lawyers' opinions.
Sanctioning committees, recovery teams and risk officers use Review Petition to classify accounts, decide provisioning and approve resolution paths.
Review Petition appears in pleadings, securitisation applications, OAs, Section 7/9 petitions and SARFAESI writs as part of the dispute record.
When stressed loans are sold to ARCs or special-situations investors, Review Petition is used in term sheets, assignment agreements and due-diligence reports.