Finally after godaddy and tmd experts failed to do it and without a online reference I have achieved it by trial error to solve the error for theme update and plugin update
1. First have to deactivate and delete both the plugins
2. deregistered the avada theme key
3. Deactivate avada theme by activating default theme
4. reactivate avada theme
5. reregister with the key
6. reinstall and activate the plugins( this time it will be inherently updated version)
7. Lastly, update the avada theme.
Reason – after expiry of support the token based authorization for the avada key expires and they don’t provide any notification for that. So we have to reactivate that by the above process.