He said the proposed petition would highlight the problems being faced by the government following the 1998 judgement and seek the judgement to be "changed".
"I will ask my ministry to file a petition if possible," he said, adding that the petition would demand that MPs should get admission quota for "at least six children" a year.
"We are with you. But we are bound by law. If I say something at my level and a contempt notice is issued, the government will face a problem," he said explaining the need to move the court.
The proposed petition would also seek to allow MPs to recommend admission in KVs in a neighbouring area if there is no central school in their constituency.
He made these remarks when the House was discussing amendments to the Central Educational Institutions (Reservation in Admissions) Act, 2006 and Shailendra Kumar (SP) raised the issue of MPs' quota.
The HRD Minister did not share more details of the proposed petition.
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In November, 1998, the Delhi High Court had struck down discretionary quota of ministers and MPs for admission of students in KVs terming it as violative of Constitution and being "misused" for furthering political interests.
A division bench of Justice R C Lahoti and Justice C K Mahajan in a judgement said the scheme was 'ultra vires' and violative of Article 14 of the Constitution as it resulted in creating two artificial classes of students.
Sibal said the HRD Ministry had sent a reference to Law Ministry some time back on its proposal to hike the quota from 2 to 6, but the Law Ministry in its opinion said such a move would be "unconstitutional".