[quote user="izmansaf"]
This is a problem since Lib2 must be built first (In our case we have such a project which generates code in its post build event which is required by other projects, thus must be built first)
[/quote]
I can reproduce this behavior and it appears to be a bug in CCS 5.5, as the build order is Lib2, then Lib1 and then Exe (as expected) in CCS 5.4. I have filed bug SDSCM00049265 to track this issue. Please feel free to track the status of the bug using the SDOWP link in my signature.