The present disclosure relates to system(s) and method(s) for generating a functional simulation's progress report simultaneously when the simulation is in progress. The system comprises a testbench and a DUV/SUV connected to the testbench. The testbench generates a set of input data/packets in order to simulate and verify the DUV/SUV. The system is configured to identify one or more components, from a set of components in the testbench. Furthermore, the system receives one or more current progress messages from the one or more components and identifies one or more component Lock-Up conditions based on the processing of the one or more current progress messages and one or more previous progress messages. Further, the system executes one or more actions to resolve the one or more component Lock-Up conditions. Furthermore, the system generates a simulation progress report, simultaneously at runtime, during the simulation.