This issue may arise due to several reasons.
Found that "Adobe QT32 server.exe" was not running after launching After Effects.
Solution : launched Premiere Pro and "Adobe QT32 server.exe" started with it and then there is no issue in launching AE.
For those who do not have Premiere in their system or donot want to launch Premiere all the time just to launch AE.
Solution : Navigate to the folder ( in windows ) " C:\Program Files\Adobe\Adobe After Effects CS6\Support Files\32 " and look for the "Adobe QT32 server.exe" file.
Create a shortcut of this file on the desktop and then add it in folder " C:\Users\sachan\AppData\Roaming\Microsoft\Windows\Start Menu\Programs\Startup "
Restart your computer and then the "Adobe QT32 server.exe" will start automatically.
Launch AE and there shouldn't be any error related to it.
In case if "Adobe QT32 server.exe" is starting up at the lauch of AE, please follow: http://kb2.adobe.com/cps/857/cpsid_85711.html
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