Satish,
This particular error was discussed in several other threads, check some that have the most thorough troubleshooting steps at the links below:
http://e2e.ti.com/support/development_tools/code_composer_studio/f/81/t/279264.aspx
http://e2e.ti.com/support/development_tools/code_composer_studio/f/81/t/319153.aspx
http://e2e.ti.com/support/development_tools/code_composer_studio/f/81/t/305073.aspx
Hope this helps,
Rafael