I couldn't find the cause behind the error. But, i do found a way to overcome the error. That is you have to reboot the target PC, if this error shows up in the monitor(which is connected to the target PC).
I hope this helps to anyone who ever came across such kind of error after finishing the build process of your respective simulink model on your host pc, downloaded the corresponding generated .dlm application file on target PC and started the application on target PC