Release an Element from an Endevor package

Document ID : KB000124383
Last Modified Date : 18/01/2019
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Issue:
Initially, we had to implement a change in production with an emergency package. Later it was decided to implement thru normal change hence the package "MMCHG0064980" was denied allowing us to create a new package. Now I am unable to create a new package to Retrieve this element as it is reserved.

Getting an C1G0503E "Element is unavailable- Reserved by PKG MMCHG0064980" causing the Retrieve process of the element to fail.

What are the correct steps to take to allow us to build the package with this element? 
Resolution:
Reset or Delete the package to release the lock on the element.