Hi AMahanta,
Greetings.
It would be hard to say which failed as the machine seems to fail POST (power on self test).
During the service, your local tech could have assessed the internal parts and cleaning and reapplication of the paste is just an initial way to start identifying the issue.
Removing the harddrive, should at least show a display onscreen with option to press keys to proceed.
A working BIOS screen is a good indicator that major POST parts are ok.
I suggest you have the service tech informed that initial cleanup and paste did not work so then can proceed checking for points of failure on other parts and proceed with the systemboard.
Regards