In a postulated severe core damage accident in a PHWR, multiple failures of core cooling systems may lead to the collapse of pressure tubes and calandria tubes, which may ultimately relocate inside the calandria vessel forming a terminal debris bed. The debris bed, which may reach high temperatures due to the decay heat, is cooled by the moderator in the calandria. With time, the moderator is evaporated and after some time, a hot dry debris bed is formed. The debris bed transfers heat to the calandria vault water which acts as the ultimate heat sink. However, the questions remain: how long would the vault water be an ultimate heat sink, and what would be the failure mode of the calandria vessel if the heat sink capability of the reactor vault water is lost? In the present study, a numerical analysis is performed to evaluate the thermal loads and the stresses in the calandria vessel following the above accident scenario. The heat transfer from the molten corium pool to the surrounding is assumed to be by a combination of radiation, conduction, and convection from the calandria vessel wall to the vault water. From the temperature distribution in the vessel wall, the transient thermal loads have been evaluated. The strain rate and the vessel failure have been evaluated for the above scenario.