I forgot to add that initially I wasn't seeing the "Grace period eligible" anywhere in my e-licenser.
When I tried to perform maintenance tasks I got an error and even the existing license got removed. As a result I was unable to use even my existing installations of Cubase (the earlier version) which otherwise had been working fine.
I tried the e-licenser again for a few days but kept getting the same error. My existing licenses were no longer showing in my account. So I couldn't even launch Cubase any more.
However, the e-licenser worked on its own after a few days and I went through the steps outlined in my original post above.
Hope this helps.