Housing society in mumbai

It is not clear who has imposed the penalty and what for. Without details no opinion can be given.

Penalty imposed by court in a case filed by a society member

Penalty will be imposed on the Society not on the Managing Committee. Managing Committee has no source of funds. They will have to collect the amount from the members and pay. If what I say is not correct show me the court order. AGM cannot reverse a court order.

You have not been able to convey what you mean.  please come clear on facts.

Court has some officially  levied penalty on mc members for not following procedure ( the basic of case filed by a member)

The AGM has no powers to reverse the court order.

If at all there is a grievance against the court order, the aggrieved party can prefer an appeal against the orders before the appellate court and get it set aside on merits. 

Reversing the court order by the association throuigh a AGM would be treated as contempt of court order and punishable under criminal laws. 

I fully agree with the opinion and advise of learned expert Mr. T Kalaiselvan.

AGM has no powers to reverse a penalty imposed on MC member(s) by Court.

If the punished MC member(s) feel aggrieved should move in appeal / revision / writ as the case may be, through a local prudent lawyer   

There cannot be an occasion to levy a penalty on the MC. If such a penalty is imposed why should the AGM (other members) think it should be revoked? They cannot revoke is another matter. Without knowing full details of the case no opinion can be given. You have repeated this in another post. I have given my reply there.

No definite suggestion is possible unless the Court Order is perused and issues discussed.