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Hi Asim,

I think the configuration file is not been taken by from the path so we need to pass the configuration file as argument
while running openerp-server.

         Create a run configurtaion in eclipse with the following steps.
                  1. Run  -- >  run configurtions  -->  python run --> new
                  2. Enter the project,  (select project we created)
                             main module (select openerp-server.py from bin directory).
                             arguements (-c <path to conf file>)   <-- next tab
                             then click apply and then close.
                  3. Goto Run --> Run Configurations --> Python Run
                            Select the created configuration
                             Click Run (Button located at lower right) 
                             OR
                         If previously ran Goto Run --> Run History Select the configuration
                             OR 
                         If previously ran, then Console Window will be having control buttons to terminate , start and restart

  Regards,
   fahad