Hey @ampandey, thanks for posting your first question. Let us do some investigating, and we will hopefully be able to come back with some insights for you shortly.
For IIQ 7.x add these loggers to your log4j.properties and reload logging for them to take effect.
log4j.logger.sailpoint.rest=trace
log4j.logger.sailpoint.service.IIQRestService=info
log4j.logger.openconnector.connector.webservices.WebServicesConnector=all
Also, if you do a test from iiq console, we may get additional information as to why it is failing:
./iiq console
@ampandey : Are you still facing this issue ? if this is still an issue can you please confirm the TLS version used at end application is same as in SailPoint /IIQ.
I wanted to check in and see if you were able to make any progress on this project. Please let us know and if we can be of any further assistance to you.