I answered my question here and using it to close this question.

Steps to fix this issue:

1. I downloaded the latest org-plus-contrib-yyyymmdd from elpa. The file is available only in .tar extension. (Convert that to ZIP online if you do not have archive program that can handle tar extension)
2. I extracted the ZIP archive into C:\Users\path_to\AppData\Roaming\.emacs.d directory and restarted emacs.
3. After restart, ran M-x org-version and the version had changed to 9.1.6 from 9.1.5

This fixed the table formatting issue. (I'm not a 100% sure of the cause of the problem, but this update fixed things, the way they should be)