Well Venkateswara
All your requirments for Safe Work permit before a maintenance order release can be easily achieved with the Standard /Process Permit Management application area of SAP PM Module. If you have Work clearance Management activated (WCM) enhanced model can be best used for meeting all your requirements like Hot work permit, cold work permit, entry permit using Work applications.
Try to explore more in the standard area of permit management . Use T-codes IPMD to create/display permits and IPM2 to select the permits and issue. Also Permits can be assigned to Equipment master data and made as mandatory to issue these permits before order release.
For WCM you may need to activate Business Functions of EAM based on your ECC version and EHP package.
" LOG_EAM_WCM_1" Stepwise Tagging/Work Permits
Work Clearance Management (PM-WCM) - SAP Library
See below relevant posts which have been answered:
Work Permit and Work Approval in SAP PM module
http://scn.sap.com/thread/3459371
Thanks
Murad....