Article 137 of the Constitution of India, 1950, provides that subject to provisions of any law and rules made under Article 145, the Supreme Court has the power to review any judgment pronounced or order made by it.
According to article 128 of the Indian Constitution, the chief justice of India may at any time request a retired judge of the Supreme Court or a retired judge of a high court (who is duly qualified for appointment as a judge of the Supreme Court) to act as a judge of the Supreme Court for a temporary period. He can do so only with the previous consent of the president and also of the person to be so appointed. Hence, Statement 1 is correct.
As a Court of Record, High Court can review its judgments under Article 226 Of the Constitution. As per Article 215, every High Court shall be a court of record and shall have all the powers of such a court including the power to punish for contempt of itself.
As a court of record, a High court also has the power to review and correct its own judgement or order or decision, even though no specific power of review is conferred on it by the Constitution. Hence, Statement 2 is not correct.
The Kerala High Court has iterated the legal proposition that High Courts as Courts of Record could review their orders.
A Division Bench of Chief Justice S Manikumar and Shaji P Chaly were confronted with an appeal against a review petition.