Hello @srikar_26
In order to download the executable on the board via Serial connection, you have to first flash the bootloader on the board and then specify the Serial option in your model. There are the main steps:
1. Open the S32DS for Arm and flash the bootloader rbf file. You can find the rbf file for the S32K144 in the Toolbox installation location tools, BootLoader, RBF_Files.

2. Open the main config block and under Target Connection, select Serial option as Download interface, check the Boot Assist option ( This will ask you to reset the board while the executable is ready to pe deployed on target) and select the right COM port associated with your baord.

In our toolbox, there is an example called flash_bam_download_s32k144.mdl which you can test first.
Hope this helps,
Marius