After digging deep found the issue on the Theme used (TESSERACT Theme). There were this line of code which was trying to open up a file,

$file_handle = fopen($csvFile, \'r\');
while (!feof($file_handle) ) {
$line_of_text[] = fgetcsv($file_handle, 1024);
}

Since the fopen() returned False, the loop went infinite, stopping all further loading of the page. I could solve it making a minor change

$file_handle = fopen($csvFile, \'r\');
if($file_handle)
{
while (!feof($file_handle) ) {
$line_of_text[] = fgetcsv($file_handle, 1024);
}
fclose($file_handle);
}

PS: The hosting provider notified me about the size of website getting larger and larger day by day, where It had eaten up 16GB of space in place of 120MB actual required. This leads me tracking the error log and found the bug inside the theme.

The problem is in charset of db. Open wp-config.php file and just change charset to utf8 & comment the old one.

define(\'DB_CHARSET\', \'utf8\');

Thanks