" Is it required to run Sysprep.exe has to run after P2V Process and Cloning Process. " to avoid conflicts ?
Not required but recommended by Microsoft... this article talks about some Sysprep myths: The Machine SID Duplication Myth (and Why Sysprep Matters)
If you are a P2V to use the same virtual server NO need sysprep. But if it's a P2V to use the same server in the same domain but with another name and IP, whether necessary sysprep.