Hi Pedro Vicente,
Thanks a lot for replying again and accept my apologize for such delayed response.
The good news is that I have found solution to this situation (Yet not sure if this will work every time, though I tested this 4 times) and I would like to share it here and would appreciate if people rectify me if there is any error in it.
Issue 1: Board continuously in Reset Mode.
Solution: I used NMI reset pin and provided it a hard reset and it came out of reset latched condition. On discussing this condition with one of my senior colleague, I am told that this might happens with Freescale board if we program it with improper setup or code. The Reset pin gets latched and modules keep resetting. On Hardware reset, this condition gets rectified. (I am not sure how correct this explanation is but this really worked multiple times. Better Explanations are awaited)
Issue2: Board not executing code after programming.
Solution: On investigating and cross verifying the designs, I found that the board was not getting proper 50MHz clock and hence it was not executing the code.
Once external clock (50MHz) was applied, it started working. I tried using software to select internal clock source but that did not worked.
I used following command
SIM->SOPT2 |= SIM_SOPT2_PLLFLLSEL(0x3);
but this did not worked.
Still looking to get this work and would appreciate any help in reaching there.
Thanks for all the help and concerns.