Hi Venkata Satya Suneel Kumar Sikhakollu,
I'm glad that you were able to resolve your issue and thank you for posting your solution so that others experiencing the same thing can easily reference this!
Since the Microsoft Q&A community has a policy that "The question author cannot accept their own answer. They can only accept answers by others ", I'll repost your solution in case you'd like to "Accept " the answer.
Issue:
Action failed due to a bad request to Cognitive Services. Please check your input parameters
Solution:
The problem is not with Azure Speech service integration. We have to create Azure AI Mutli account to link cognitive services to resolve this issue. Once I created Azure AI Multi account and link to ACS Cognitive services its resolved and working now. Thank you.
Below are the links which helps me to create
https://portal.azure.com/#create/Microsoft.CognitiveServicesAllInOne
Note: This service should create in same region.
Please click Accept Answer and kindly upvote it so that other people who faces similar issue may get benefitted from it.