Hi @Sunny Rastogi ,
I will recommend you to set CT first then to add or remove column and finally set the properties of columns.
The first step should be following to remove CT first then create or rename CT
Remove old CT from library
Rename CT at CT hub
Rename CT at library level
Add CT if old CT exists
Update list properties
Then you can update the columns in CT
Delete column in CT
Create new columns
Add new column to CT
Rename columns
Set column as multivalue
Set column as optional in CT
Set column as required
Set column as hidden
Finally you can update the item level and Hide taxonomy
Update failed list items
Hide taxonomy
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