On troubleshooting the issue, it was found that current version of java installed on the host was Java 8 update 144 (64 bit) and the browser was IE 8/Firefox 42 (32 Bit). So i installed firefox 31.0 (32 bit) , IE 8 and Java 7 update 51 (32 bit) in my PC running windows 7 (64 bit) operating system and my java started working.
We can test java through below mentioned steps:
Step 1: Navigate to below mentioned link:
Step 2: Following screen will appear. Click on "Agree and Continue"
Step3: Click "Continue"
Step 4: Click "Run"
Step 5: Below screen will show up showing your current java version, which in my case is java 7 update 51 (32 bit) :
Please note: Do not upgrade your java version and disable the automatic updates.