Hi Amit Kumar,
Yes, you are right, we should check your board at first to make sure it is not the hardware problem.
So, could you check the following item?
1, Whether your SWD connector circuit is correct, do you like the following picture?

you can find the details in the chapter 2.1.5.3 debug interface of the manual reference , the download link is :
http://cache.freescale.com/files/32bit/doc/quick_ref_guide/KQRUG.pdf?fpsp=1&WT_TYPE=Quick Reference Guides&WT_VENDOR=FREESCALE&WT_FILE_FORMAT=pdf&WT_ASSET=Documentation
2, Check the circuit of pin RESET_B, please refer to 2.1.3.4.1 RESET_b and NMI_b of the manual reference, add pullup and capacitors.
3, Test the wave of EZP_CS_b and REST_b, whether it can be high?
4, Then, please setup you driver of multilink universal again.
For this problem is not caused by the external oscillator, when power on, the clock is in FEI modet, so please do the up items at first.
Wish it helps you! Thank you!
Best regards!
Jing