Last time when i was punished by Penguin latest update then i began to remove the bad links from my site and i used google disavow tool for the task. But i think it is not so good or fast for completing it's task i mean it doesn't remove the bad links in months and still i can still see bad links pointing to me. So guys do u have any other solutions to remove the bad links?
Matt Cutts stated that the tool can take a few months to completely disavow the links as it has to crawl all the pages.
You might not understand the tool correctly. It does not remove the links, it just marks them for google to essentially ignore them. If you want the links removed then you need to contact the relevant people.
Using the disavow links tool is only a way to tell Google you wish those links to be ignored. Google will give your request great consideration but you have no guarantee that something is going to change.
I have big doubts about the effectiveness of that tool, much better physically remove the links if you can.
Keep in mind that you'll keep seeing those links on GWT after using the disavow tool, so you have no way to understand what link (if any) is actually ignored by Google.
If you have a penguinized site I believe that tool alone won't solve your problems but is worth a try.