You can complain to the Registrar. But the Registrar's office is so lethargic that nothing will happen. Filing a case in the Co-operative Court just to remove the Managing Committee would be like using a sledge hammer to kill a swat fly. It would involve your time and expenditure.
What Adv. Nikhil Seth says is not correct. Any action of the Committee, deemed to have vacated, would still be valid under Section 77 of the same Act.
If the Committee doesn't execute bond due to lack of knowledge, you give them the knowledge and ask them to execute. If case is pending in any court, you tell the court that they have ceased to be Committee members. The court will adjourn the case until a proper Committee is formed to take up the thread from where the previous Committee has left.
Section 73 is not such a stringent law. If the Committee is challenged they can solve it by the simple expedient of executing the bond immediately.
If the law makers make Tuglakian laws, the laws will lie there dead. It is said that ignorance of law is no excuse. In other words, the way one learns to walk and to speak one's own mother tongue, one should also learn the laws of the land. At least passing a test in the co-operative societies Act and Rules should be made mandatory, in order to be eligible to be elected to the Managing Committee. But in this country even passing a test on traffic rules is not mandatory to get a driving licence.