Can we able to format the filesystem as we do in windows.
I don't understand what you mean. The filesystem is created when crfs (create filesystem) is called. If you don't want this FS any more remove it (use rmfs) and create a new one. see "man crfs" and "man rmfs" for more information on these.
If you just want to remove all the files in the filesystem issue
rm -rf /mount/point
for a filesystem mounted on /mount/point. There is simply no reason to "reformat" a filesystem which is already formatted.
crfs is the closest you can come to something like windumbs format command.
bakunin