“The phrase ‘public policy’ is not capable of precise definition. In P. Rathinam, (1994) 3 SCC 394 it was observed: “The concept of ‘public policy’ is, however, illusive, varying and uncertain. It has also been described as ‘untrustworthy guide’, ‘unruly horse’ et cetera.” Broadly it will mean what is in the larger interest of the society involving questions of righteousness, good conscience and equity upholding the law and not a retrograde interpretation. It cannot be invoked to facilitate a loanee to avoid legal obligation for repayment of a loan. The loanee has a pious duty to abide by his promise and repay. Timely repayment ensures facilitation of the loan to others who may be needy; ‘public policy’ cannot be invoked to effectively prevent a loanee from repayment unjustifiably abusing the law.”
– Hon’ble Justice Navin Sinha, Himachal Pradesh Financial Corporation v. Anil Garg, [Civil Appeal No.661 of 2008].