Apartment association related

The Apartment Ownership Act (specific to each state, e.g., Delhi 1986, Maharashtra 1970, UP 2010) regulates the ownership, transfer, and management of apartments, ensuring owners have a legal, heritable, and transferable interest in their unit and common areas. It mandates forming an association, registering the deed of apartment, and enables the creation of bylaws for managing common facilities and expenses. 

The association registered under your State Act has to follow the rules framed thereunder failing which the officers /office bearers has to face consequence.

Non-submission of an audited report by a registered apartment association (whether under a State Apartment Ownership Act, Societies Registration Act, or similar law) can lead to legal, financial, and governance consequences. The exact impact depends on the statute under which the association is registered .

You have not posted the materail facts. What is the law under which the Association has been registered?