I would like to reiterate the same question here that, is there any feasibility to convert the Illustrator file into the InDesign file with Text Editable format and try to maximum retained the orginal '.ai' file.
As per my analysis, I found that few third party plugins are available to do this process.
Right, that function is not native to Illustrator or InDesign, and there are "few" (that is, none), 3rd-party plugins that can do it. The history of the 2 applications has endowed them with disparate type engines, and type set in Illustrator is simply not compatible with live type conventions of InDesign. Of course all non-type Illustrator contructs can be easily and successfully placed in InDesign (and reopened in Illustrator for editing), but only native type set in InDesign can be edited in InDesign.