Thanks a lot. I also used the skin>Go to Bind pose and coundn't achieve the bind pose in my case, but but after a long time of trial and error, I realized that i had to delete the ik handles located on the wrist and arm joints for the skeleton to go back to neutral pose. That's how it worked finally. But thanks a lot for replying to my post. It is greatly apreciated.
"It is Difficult to understand the universe if you only study one planet"
-Miyamoto Musashi-