Hello Tejas
Yes, if that is the case, both devices will become active, and any packets arriving at a device will be forwarded. But, if for whatever reason the redundant gateways can’t reach each other, that means that hosts will also have trouble reaching one of the gateways for the same reason. Remember that redundant gateways and hosts are all on the same subnet. If communication between gateways somehow fails, then communication will also fail between hosts and one or more of the redundant gateways.
So in most cases, even if both gateways become active, the same network fault that caused the failure will also cause hosts not to reach one of the two or more gateways.
I hope this has been helpful!
Laz