Hi Vibhu,
How is your device being enumerated? It should look as follows:

Then, please make sure your project compiles correctly, to do this you need to create your workspace into the Kinetis_SC folder. Just as the readme you mentioned indicates.
It is likely that the project shows some errors when trying to build it. Please do as follows in the same image.

After that you shouldn’t have any issues to build the project.
When trying to debug I receive the following message.

This tells me that I need to update the firmware of OSJTAG. To do this I need to connect my board in bootloader mode. Please follow the next steps in order to do the update.
-Disconnect you board.
-Place a jumper in J10 (please check the following snippet from User Guide).
-Connect the board again.
-Click OK in the Confirm message.

Once the firmware has been updated you need to go back to debugger mode, to do this you should do the following.
-Disconnect you board.
-Remove the jumper in J10.
-Connect the board again.
-Click OK in the Confirm message.
After following this steps I was able to flash my TWR-K70F120M. Please let me know if this helps.

Best regards,
Felipe
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