Dear @Vamsi Krishna Sarvepalli,
Thank you for your update,
Since you are Global admin of your organization, so you should follow the step 3 of AI answer as below:
Assign a license to the user (if you are the admin) If the subscription exists but no licenses are assigned to the admin account:
- In the admin center, go to Billing > Licenses.
- Select the Business Basic product.
- Choose Assign licenses.
- Type and select the user (admin) account.
After assignment, return to Settings > My app settings > Office 365 > Subscriptions to confirm the license now appears.
And if you have tried steps above but still resolve the issue, I recommend you contact to Microsoft Support team. The Microsoft Online Support Team has higher permission than us moderators to remotely assist you and collect background logs for the root cause. This is a more efficient and direct way in recovering this scenario for you.
To contact Microsoft Support team, you can use this link to find the appropriate contact number: Global Customer Service phone numbers - Microsoft Support
Or you can submit ticket Support: In the Microsoft 365 Admin Center > Support > Help & Support. (switch off Support Assistant)> describe your issue in there. https://admin.microsoft.com/#/support/requests
Note: Please understand that as forum moderator, my primary goal is to provide helpful guidance and support through general troubleshooting steps. While I don’t have access to internal systems or test devices required to resolve backend issues, I truly appreciate your understanding of these limitations. I genuinely hope the information I share helps guide you in the right direction, and I'm always here to assist as much as I can within my scope.