Hi Kunal,
It could be either of the two situations you have mentioned.
What I would suggest is to reseat the power cord or try with a working/spare cord.
If the issue still persists and the issue is not there with the spare/working power cord ou can be sure that the power cord is faulty and needs a RMA.
You can also check the PEM info status with the below command;
> show chassis environment
Where in your case it is showing as failed so this could be genuine failure.
But I would suggest you to do the test I have mentioned above.