Hello Ashfaq Aasim,
The issue pertains to a tenant lockout scenario, where there are no other global admins in your affected tenant to revoke MFA sessions and re-register MFA for your affected user account.
To resolve this issue, we have engaged our Data Protection team through a support ticket. They will reach out to you via email or phone to help restore access to the tenant and assist you in resolving this issue.
I have provided the details regarding the support ticket over the Private Message.
Once the issue has been resolved by our support team, please feel free to revisit and kindly click "Accept Answer," as this will be helpful to other community members facing similar issues.