The software image might be corrupted causing the codec not to boot properly.
Refer to this post and try the procedures on how to swap software image:
https://supportforums.cisco.com/discussion/12629791/cisco-c20-codec-red-led
If the procedure won't solve the issue and the system has an active service contract, it's best way to escalate to Cisco TAC.
regards,
Acevirgil