I am unable to initiate Skype after installation of the App and the Silverlight app as well. My computer was upgraded to 64-bit as I am currently running Catalina 10.15.7. Is there anything that I missed?

I understand you are unable to launch Microsoft Skype. Did you download it directly from Microsoft?

https://www.skype.com/en/get-skype/

Microsoft Silverlight has been deprecated and is unrelated to their Skype product, which leads me to suspect you may not have obtained Skype from an authorized source. If that is the case you may also have inadvertently installed malware.

Microsoft discontinued Silverlight development for the Mac in late 2016, so it is both a gone product, and incompatible with Catalina anyway.