Loan from directors of private ltd company

A private limited company can take any amount from its director even if it exceeds the paid up share capital of the Company. So no need to File any MGT 14 but Director has to file declaration that such loan amount has to be given by him from his own funds and not from borrowing from any bank, financial institution or unsecured or secured creditor.

Kindly refer the MCA Notification September 2015 in which it is stated that private Company can borrow any amount from directors or relative of directors by submiting declaration cum affidavit on the stamp paper of appropriate value.

However as per general rule in Section 180(1)(c)-  A company can borrow the money maximum  upto 100 percent of paid up share capital, free reserves and securities premium account by passing special resolution in general meeting. But however section 180 is not applicable on private company so Company can borrow any amount from directors and there is no need to file MGT 14 as this section is not applicable on private limited company. 

Furher Section 179 to borrow the money , Company do not require to file any MGT 14

But, can the loan received from directors exceed the authorized capital.

Any amount includes the amount which goes excess than Authorized share capital .

What if the director has resigned after giving loan and not been able to contact. Is there any time limit that the company has to pay back 

If the director who has given loan and resigned ,does not have any relative on the Board of the same Company the loan so given willl be treated as Public Deposit after resignation of the Director and the money so given to the Company will be regulated as per the Deposits Rules.