Hi Nikhil,
As mentioned in this thread:
http://e2e.ti.com/support/development_tools/code_composer_studio/f/81/t/327777.aspx
the BIOS versions supported by CCSv5 does not support C54x. You can still use BIOS5 and move to tcf files but it will have to be for CCSv3.x.
Note that CCSv3.3 comes with BIOS5
Thanks
ki