Hello Riyaz,
Using two different version of the Infragistics controls is not recommended or possible. Attempting to use multiple versions in a project will cause conflicts and the controls will not know what version of the assemblies to use. Your version (16.2.20162.2040) is the latest service release for WinForms. It includes several bug fixes, for which you can find more information here:
https://www.componentsource.com/news/feature-releases/2017/01/16/infragistics-windows-forms
Since you are using later version I would recommend that your colleague just upgrade to that version as well. There are several ways to upgrade. You can use Infragistics Project Upgrade Utility, which allows you to update any existing projects to the new version you are using or you can upgrade you solutions manually. You can find detailed information about the upgrading process on the following links:
Version Utility:
http://help.infragistics.com/Doc/WinForms/2014.1/CLR4.0/?page=Win_Upgrading_a_Project_to_Infragistics_Windows_Forms_11.1_(and_above)_Using_Version_Utility.html
Manual Upgrade:
http://help.infragistics.com/Doc/WinForms/2014.1/CLR4.0/?page=Win_Upgrading_a_Project_Manually.html
I recommend using the tool instead of changing the project references yourself, since the tool handles some things you might not be aware of, like the licx files.
Last option would be to uninstall all Infragistics files, then run the Platform Installer and on second step select Windows Forms and uncheck Service Release check box under Updates. This will install RTM version at his/her machine.
Please let me know if you have any additional questions.