Lumia 540 bricked cannot hard reset error 0x80131500 during Lumia software recovery tool, what can I do?

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Windows Central Question

Lumia 540 bricked | cannot hard reset | error 0x80131500 during lumia software recovery tool

So my problem is that my Lumia 540 is bricked(as i think so).
I was on Windows 10 insider preview and wanted to roll back to 8.1 through Windows Recovery Tool, during which it bricked.
Basically my problems are(after searching through the web alot):-
1. While turning on phone, it would show the Microsoft logo followed by the COG Wheels. And finally it shows the SAD SMILEY FACE :-(.

2. To recieve help from the Lumia Software Recovery tool for resale version, I click on" I cant startup my phone" and plugin my phone(while switched off). In the due steps it asks me to install the 1.66GB file(downloaded already) and JUST BEFORE it starts to install, it says Error 0x80131500 Software Recovery failed.

3. While trying to hard reset, I press the Volume Down and Power button simultaneously to which an EXCLAMATION mark is expected, but it does not show up in my case!! It just restarts again.
 
Mar 2, 2015
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Re: Lumia 540 bricked | cannot hard reset | error 0x80131500 during lumia software recovery tool

I had pretty much the same issue with my old 925 and managed to fix it with Nokia Software Updater for Retail...
 

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