Director's loan as per company act, 2013

And What about time lag of repayment ? & how such repayment shall be considered as there is no specification regarding loan taken from outsider ?

As per Deposit rules, if the private Company has accepted any amount from director then it would not be considered as deposit. Provided that declaration must have been taken at that time at the time when he is director.

So now it is better to repay the loan at the earliest to avoid unsecured creditors in book of accounts and no need to pass any Board resolutioon