>in bare board project what will be default setting once project is created, where can find these settings in project and can I directly modify these settings as per my requirement.
There are no settings for the clock (or anything else like that) in a bare board project. You need to add code for this.
This may apply to all Kinetis chips:
25.5.2 Using a 32.768 kHz Reference
"In FEE and FBE modes, if using a 32.768 kHz external reference, at the default FLL
multiplication factor of 640, the DCO output (MCGFLLCLK) frequency is 20.97 MHz at
low-range."