If you are not willing to accept the refund of cost of the product then you may decide to approach consumer forum, however you have to decide about what relief that you seek by approaching the legal forum.
You found that the product is sub-standard, then as an individual buyer you may make a complaint to the supplier about this and get a replacement of the proper product which conforms the standards set out for this product as per rules.
As a matter of fact the company is ready to refund the cost, then you may not have a chance or a reason to approach court also in this regard.
If it is a general complaint about the fraud played by the company by selling the sub standard product with false and fake advertisement to promote their sales, then you may have to find out similar buyers who were victimised by this company, which would be a difficult process since it is a ecommerce purchase.
Then also you have to file a PIL only against the company for selling the substandard products and pray for abandoning the company until it rectifies the defects pointed out.
Therefore as per your contents, neither a complaint before the consumer forum nor a lawsuit before a civil court would be maintainable.