I am facing problem while launching HelloWorld application.

I am using Titanium Developer 1.2.1, Titanium SDK version 1.4.0, Android SDK APIs 1.6, App type: Mobile

Stacktrace:

[INFO] Launching Android emulator…one moment

[DEBUG] From: C:\android-sdk\tools\emulator.exe

[DEBUG] SDCard: C:\Documents and Settings\vbhatt\.titanium\android2.sdcard

[DEBUG] AVD ID: 2

[DEBUG] AVD Skin: WVGA854

[DEBUG] SDK: C:\android-sdk

[DEBUG] C:\android-sdk\tools\adb.exe start-server

[DEBUG] C:\android-sdk\tools\emulator.exe -avd titanium_2_WVGA854 -port 5560 -sdcard C:\Documents and Settings\vbhatt\.titanium\android2.sdcard -logcat ':d ' -no-boot-anim -partition-size 128

[TRACE] bind: Permission denied

[TRACE] it seems too many emulator instances are running on this machine. Aborting

[TRACE] emulator: WARNING: 8: missing expected assignment operator (=). line ignored

[TRACE] emulator: WARNING: 4: key name doesn't start with valid character. line ignored

[INFO] Android Emulator has exited

[INFO] Building HelloWorld for Android … one moment

[DEBUG] C:\android-sdk\tools\adb.exe start-server

[DEBUG] Waiting for device to be ready …

[TRACE] adb devices returned 0 devices/emulators

[TRACE] adb devices returned 0 devices/emulators

[TRACE] adb devices returned 0 devices/emulators

[TRACE] adb devices returned 0 devices/emulators

[TRACE] adb devices returned 0 devices/emulators

[TRACE] adb devices returned 0 devices/emulators

[ERROR] Timed out waiting for emulator to be ready, you may need to close the emulator and try again

I have also tried several times as suggested for similar bug:

1. exit titanium developer,

2. ran commands adb kill-server (wait for 10-15 seconds),

3. then adb devices

but not able to launch HelloWorld.

Please suggest a solution

Thanks in advance.