
Hello Atharva Diwan,
Thanks for reaching out. According to article https://learn.microsoft.com/en-us/exchange/troubleshoot/email-delivery/ndr/fix-error-code-5-7-700-through-5-7-750 the issue is likely due to below:
5.7.708 Access denied, traffic not accepted from this IP
This error can happen when you are trying out a Microsoft 365 trial tenant. If you receive this error before you can purchase licenses, contact support to request an exception for the low reputation IP address until you're able to purchase licenses.
Please ensure you have applied the appropriate licenses. I would also suggest opening a support ticket to see if an exception for the low reputation IP address can be applied in your case.
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Thanks.