Hello Kushagra28,
Have you tried to Clean the drive with the Diskpart command in Windows yet?
Go to this link and read the step to use the command.
Disk - Clean and Clean All with Diskpart Command
I would use both Clean and Clean All. You should then not see the small 31 MB partition on the flash drive. If you still do, see if you can delete it so all the drive is unallocated. Then you should be able to create a new Simple Volume and format the drive.
IF it does not work, it may be the drive has failed.