Moving this discussion to the Photoshop General Discussion forum.
Crash on launch usually means a bug in a video card driver (updates from the GPU maker's website), a bug in a third party plugin (update from the plugin maker, or disable the plugin for now), or corrupt preferences.
Sometimes it can also be due to corrupt font files or a corrupt OS font cache.
You can check the Windows system event viewer for more details on the crash.
Thanks to Jeff, Nancy and Chris, for your replies and suggestions. Appreciate you taking time to help me out.
I had tried updating the driver of my HD 5770, without any success.
I assumed that CC doesn't work on old graphic cards, so I took a chance.
I dished out some serious money (USD 370 in this part of the world),bought and installed GTX 760 and Bingo... it worked.
At the same time I also increased my RAM from 6GB to 12GB. I do not know if that had any effect on the issue or not.
Cheers to all
Thank you for the update Augustine!