"Dino TW" has provided the link to the comment Hibernate Mapping Exception : Repeated column in mapping for entity which has the vital information.
The link hints to provide "inverse=true" in the set mapping, I tried it and it actually works. It is such a rare situation wherein a Set and Composite key come together. Make inverse=true, we leave the insert & update of the table with Composite key to be taken care by itself.
Below can be the required mapping,
<class name="com.example.CompanyEntity" table="COMPANY">
<id name="id" column="COMPANY_ID"/>
<set name="names" inverse="true" table="COMPANY_NAME" cascade="all-delete-orphan" fetch="join" batch-size="1" lazy="false">
<key column="COMPANY_ID" not-null="true"/>
<one-to-many entity-name="vendorName"/>
</set>
</class>