Managing Committee's power to write-off outstanding dues

I am a member of a co-operative housing society in Mumbai. One of our society's member was not paying maintenance bill and there is an amount of around 60,000 outstanding as Interest on his total outstanding since long. Now that member has sold the flat for a handsome amount, but he is able to convience the society's managing committee due to good relation with the Secretary to Write-off the outstanding Interest amount and get the Flat transferred in the Buyer's name. Is this within the Power of managing committe to waive such amount when they have recovered such interest from other defaulting members? Even the amount is reflecting in the Society's balance sheet since last six years. If managing committee transfer the flat in name of buyer, what steps can be taken by members of the society??