Finally got it resolved and thanks to Nuno Linhares for the valuable suggestion to start at the right place.

I have tried executing the java version of the cache channel service using below command:

java -cp cd_core.jar com.tridion.cache.CacheChannelService

on the Command line by navigating to the lib folder of my Tridion setup.

It gave me further detailed error message which get decoded to the fact that the default port used by Tridion Cache Channel Service (port 1099) has been assigned to some other process. Resolving this port conflict resolved the issue

Finally got it resolved and thanks to Nuno Linhares for the valuable suggestion to start at the right place.

I have tried executing the java version of the cache channel service using below command:

java -cp cd_core.jar com.tridion.cache.CacheChannelService

on the Command line by navigating to the lib folder of my Tridion setup.

It gave me further detailed error message which get decoded to the fact that the default port used by Tridion Cache Channel Service (port 1099) has been assigned to some other process. Resolving this port conflict resolved the issue