Finally worked !!!
By making changes to menuentry in 40_custom script :-
###Previous#####
#Phoenix OS grub settings
menuentry "Phoenix" {
insmod part_gpt
search --file --no-floppy --set=root /Phoenix/kernel
linux /Phoenix/kernel root=/dev/ram0 androidboot.hardware=android_x86 androidboot.setlinux=permissive
initrd /Phoenix/initrd.img
#End of Phoenix Settings
####Final#####
#Phoenix OS grub settings
menuentry "Phoenix" --class android-x86 {
set root='11cb04d2-d689-48a9-b8ed-3ccc9754fda8'
set DIR=/Phoenix
insmod part_gpt
search --file --no-floppy --set=root /Phoenix/system.sfs
linux /Phoenix/kernel root=/dev/ram0 androidboot.setlinux=permissive
initrd /Phoenix/initrd.img
}
# End of Phoenix Settings
Thankyou guys !!