Sounds like they are having JTAG issues.
Suresh - please check your emulator. The debugger is unable to access the emulator you are using. You may want to reset the emulator/board as the error message suggests.
Without more details, we cannot offer much more suggestions. All we know is that you are using beagleboard xm. Please provide more details like CCS version, emulator being used, board revision, etc.
Thanks
ki