Regarding debts of private limited company

Querist : Anonymous (Querist) 11 September 2016 This query is : Resolved
Hi , we had setup a private limited company in 2012 in Hyderabad and was doing business till 2015 and then we incurred heavy losses , to run some projects we had taken an unsecured loan from outside person who is related to managing director , now the company is in losses and the managing director is pressurizing me to accept his resignation and threatening me . The other director is relative of him and he is getting his resignation accepted by him . What are the actions that can be taken and what are the consequences of the the unsecured loan that has been taken , will I be responsible as director and would everything come up on me for the money to be repaid . Please help me out of this situation
Thanks in Advance

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Ms.Usha Kapoor (Expert) 12 September 2016
Dear Client,

s YOUR COMPANY IS RUNNING AT LOSSES OWING TO INABILITY TO PAY DEBTS YOU FILE A WINDING UP PETITION IN THE NAME OF COMPANY TO COURT. AN official LIQUIDATOR WOULD BE APPOINTED IN YOUR
DIRECTORS PLACE AND RUN THE BUSINESS of the company for SOME TIME AND PREPARES A profit AND LOSS ACCOUNT AND balance Sheet AND OUT OF THE ASSETS HE TRIES TO DISCHARGE YOU DEBTS.iF YOUR LIABILITIES EXCEED YOUR ASSETS AND PROFITS COMPANY WOULD COMPLETELY CLOSED UNLESS SOME OTHER COMPANY Shows INTEREST IN ACQUISITION Or MERGER OF YOUR LOSS MAKING COMPANY BY PAYING CONSIDERATION TO YOU.

Kumar Doab (Expert) 12 September 2016
Query by anonymous, NO reply.

Querist : Anonymous (Querist) 12 September 2016
Thanx for the reply , but as of now we are almost shut down due to lack of fund and projects stopped , so will it be the same procedure to file the winding up petition.
Thanks in advance

Ms.Usha Kapoor (Expert) 12 September 2016
Then initiate winding up proceedings. contact a local Highcourt Lawyer to help you in winding up the company.