Both said they found the comments hurtful: "We are deeply hurt and humiliated by Justice Katju's words," the duo said on Monday, adding that Justice Katju's statements "would depreciate the reputation of India and its citizens".
"A person of Justice Katju's stature should have deliberated on the implications of his statement," they said, and sought a public apology from the former Supreme Court judge.
The students said that if a public apology was not forthcoming, they would move the court in a month's time.
At a seminar in New Delhi last week, Justice Katju had claimed that at least 90% of Indians are "idiots", easily be misled by mischievous elements in the name of religion.
"I say 90% of Indians are idiots. You people don't have brains in your heads... It is so easy to take you for a ride," he was quoted as saying at the seminar.