Hi @MadhukarMa1,
You can manage your request by using JS to control de behaviour of the input form based on the value selected in the drop down-field.
An approach that you can follow is inside your script inserting a custom disableAllFields() function, that acts like a 'lock' button. It passes through all the fields in the form and turns them read-only when the selected value in the dropdown is 'Archive'. So, once 'Archive' is chosen, no one should not be able to make changes to the form.
On the other hand, for the "Active " Status, you can use the setAttribute method to disable specific fields, like locking certain parts of the form while leaving others editable.
Lastly, I share with you useful documentation links, that can help you:
Set attribute method
Document: forms property
FormElement
JavaScript scripts and templates
¡Hope it helps you!
Regards,
Celia