swetha,
Sorry that you are running into this issue.
Can you please answer some more queries to help us investigate further :
1) Can you please share your MyEclipse installation details from MyEclipse > Installation summary > Installation details ?
2) Can you please switch to a new workspace, import your project into the new workspace and check if you can replicate the issue ?
3) Clear the contents of the .log file located at <Workspace dir>/.metadata/.log file, replicate the issue and attach the log file here.
4) Are you behind a firewall or proxy ?
5) Can you please mention on which application server you are trying to debug your application ?
Can you please check this thread which discusses the same issue and let us know if that helps in resolving your issue.