Hello PriyaMP,
The schematic does look very similar to the i.MXRT1050 EVK. Given the symptoms I would recommend reviewing the power rails on the board to make sure they are working and stable. You are using a reset supervisor so the reset signal should be handled by it, buy the DCDC is not starting, which given that you have the PSWITCH RC delay circuit, could mean that the DCDC_IN is not correct.
The i.MXRT1050 Hardware Design Guide (link below, please note that you may need to login to download this document) may help you on what to check on your design.
https://www.nxp.com/webapp/Download?colCode=MIMXRT105060HDUG
I hope that this information helps.
Regards,
Gustavo