Hi Mr. Kanu Chakraborty,
You have every right to be confused when a perfectly good product key fails out of nowhere, especially when you're in the middle of restoring a server after a hardware meltdown.
The error code 0xC004C020 you are encountering specifically indicates that the Multiple Activation Key (MAK) assigned to your organization has exhausted its predefined limit of allowed activations. When Windows Server activates, it generates a unique digital signature based on your server's underlying hardware components. Because you replaced a primary hard drive and performed a clean installation of the operating system, the Microsoft activation servers interpreted this altered hardware signature as an entirely new machine. Consequently, the system attempted to deduct another activation count from your MAK pool, hit the maximum permitted threshold, and automatically blocked the request.
Since the key is now mathematically exhausted on the backend, you cannot bypass this error using the standard Settings menu or command-line tools. To resolve this practically and get your server back into a compliant state, your IT administrator must contact the Microsoft Licensing Activation Center directly via phone. When speaking with the support representative, simply explain that the server underwent a hard drive replacement and OS rebuild. Once they verify your volume licensing agreement, they will manually increase the activation count limit for your specific product key on their servers. As soon as that limit is raised, you can click the "Troubleshoot" button on your screen or re-enter the key, and the server will activate seamlessly.
I hope this answer provided you with a clear explanation of the licensing mechanics and the exact next steps to take. If it did, please click "Accept Answer". Should you have any other questions, feel free to leave a comment!
TL.