Thanks for your valuable responses and we have figured out the issue with the support from SDL Tridion
Note : we have all the DTC configurations in place .
Resolution : In Tridion_Home/bin/TcmServiceHost.exe.config .
In the bindings the transaction protocol is changed to OLEtransactions from WSAtomicTransaction11.
Previously it was written as:
<binding name="CoreService_netTcpBinding" transactionFlow="true"
transactionProtocol="WSAtomicTransaction11"
maxReceivedMessageSize="2147483647" closeTimeout="00:30:00"
openTimeout="00:30:00" receiveTimeout="00:30:00" sendTimeout="00:30:00">
It has been changed to:
<binding name="CoreService_netTcpBinding" transactionFlow="true"
transactionProtocol="OleTransactions" maxReceivedMessageSize="2147483647"
closeTimeout="00:30:00" openTimeout="00:30:00" receiveTimeout="00:30:00"
sendTimeout="00:30:00">