Hello @Nikhiladheesh,
My guess is that the license is not installed in the right location, or the name is not right. To investigate, please run the following command inside the MATLAB's Command Window:
winopen(fullfile(mbd_find_s32k_root, 'lic'))
This will open a window in which there should be the license file, typed exactly like this: "license.dat" or "license.lic".

Regards,
Marius