Hi Igor,
Thanks for your reply.
We have implemented as per belolw block diagram. The number in the block diagram represents the sequence we follow.

We are expecting result as per table(Table 6-8. Power mode transitions, pg no : 1006) from IMX7 Reference manual (i.MX 7Dual Applications Processor Reference Manual, Rev. 0.1, 08/2016).
It States as below for Configuration with Internal PMIC for ON, first time
1. Either coin cell or SoC power supply is connected to SNVS.
2. When button is pressed, 'state' goes ON, PMIC_ON_REQ goes '1'.
3. External regulator is enabled.
Please check and let us know, whether the Imx7 will work as per the table in the reference manual.
Thank you
Logesh