Yes, Newton's laws are applicable. Torque is a convenient measure for rotational motion. For a system of particles (not a point body) it would be possible, but very difficult, to describe the rotational motion using forces only; but using torque the motion can be described much more easily. For a rigid body rotating about an axis in a plane we have simply $\tau = I \alpha$ where $\tau$ is the total external torque, $I$ is the moment of inertia, and $\alpha$ is the angular acceleration. This is the rotational analog of $F = ma$ for translational motion of the center of mass in one dimension. For general translation/rotation of a rigid body, you can use the Euler equations which use torque and principal axes, and inertia is a tensor (see a physics mechanics text such as Goldstein, Classical Mechanics).
In general, $\vec \tau = {d \vec L \over dt}$ where $\vec L$ is the angular momentum; this is the rotational analog of $\vec F = {d \vec p \over dt}$ where $\vec p$ is the linear momentum.
Your question is what happens if we start with a net force that produces a torque on a point mass, then change the net force to zero therefore also changing the net torque to zero. At the time the force/torque is reduced to zero, the point mass has a certain linear momentum $\vec p$ and a certain angular momentum $\vec L$. When the net force and net torque are reduced to zero, as you can see from the relationships in the second paragraph above, there is no change in linear or angular momentum, so the point mass retains the linear and angular momenta present when the net force/torque were reduced to zero.
Suggest you also look at Why is the concept of torque necessary? on this exchange.
Hope this helps.