I need to invoke scripts.py of /home/ubuntu in the jail with restricted jail user,
You said that scripts.py is located in /home/ubuntu/online_judge, which is NOT in the /Jail. So, either you have the jail user restricted to /Jail or not. If the restricted jail user should execute online_judge/scripts.py you'd have to make it accessible somewhere under /Jail.
The Jail user should never be able to access any of the /home/ubuntu files except input_output/input*txt which i can give then execute permission
Hardlinks may help, e.g. "ln /home/ubuntu/online_judge/scripts.py /Jail/scripts.py", now the restricted jail user has access to scripts.py via /Jail/scripts.py. Be sure to restrict write-access to that file, otherwise s/he would modify both "copies".