Hi Mohit,
I work in US time zone. So, cannot reply to this post in your time zone. Hence, there will be some delay in my replies.
Regarding the error, this error is thrown when your VB application is attempting to connect to Pro/ENGINEER. Please note that the failure resons could be multipel and it depends on the conditions that exist on the machine at the time of connection attempt is made. I need to look at the machine to find the exact reasons for the connection failure. I cannot do this through this post. I would request you to contact PTC Technical Support if you need immediate help and solution for this issue.
Or you could go through the below given technical articles and try the suggestsions.
https://www.ptc.com/appserver/cs/view/solution.jsp?n=CS59132
https://www.ptc.com/appserver/cs/view/solution.jsp?n=CS46034
https://www.ptc.com/appserver/cs/view/solution.jsp?n=CS129789
https://www.ptc.com/appserver/cs/view/solution.jsp?n=CS53658
https://www.ptc.com/appserver/cs/view/solution.jsp?n=CS82236
Thanks,
Seshu