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Supreme Court Of India

(From : Himachal Pradesh)*

Hon'ble Judge(s): Ranjan Gogoi, Navin Sinha , JJ

(A) Contract Act (9 of 1872) , S.23— 'Public policy' - Meaning - One in larger interest of society - Cannot be invoked to facilitate loanee to avoid legal obligation to repay loan. Public policy mean what is in larger interest of society involving questions of righteousness, good conscience and equity upholding law and not retrograde interpretation. It cannot be invoked to facilitate loanee to avoid legal obligation for repayment of loan. Loanee has pious duty to abide by his promise and repay. Timely repayment ensures facilitation of loan to others who may be needy. Public policy cannot be invoked to effectively prevent a loanee from repayment unjustifiably abusing law. AIR 1994 SC 1844, Rel. on.(Para 19) (B) Himachal Pradesh Public Moneys (Recovery of Dues) Act (22 of 1973) , S.3(1)(d)(iv)— Recovery of dues - Withdrawal of money suit by financial corporation without permission - Plea of abandonment of claim by withdrawal of suit by financial corporation - Remedy of recovery of dues under Act, available without prejudice to any other remedy available under any other law - Proceedings in suit essentially different from those under Act - Preventing corporation from recovering loan, contrary to public policy - Suit under Act, not barred by provisions of O. 23, R. 1(4). ....