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CCS/TMS320C5545: can't create session manager: create of JVM failed

Part Number: TMS320C5545

Tool/software: Code Composer Studio

I am trying to build TlesrDemoC55 project for C5545 Boosterpack board and I see the following error. I have seen previous posts about can't create session manager: create of JVM failed and I have tried all the solutions such as change the ccsstudio.ini file to remove the heap max size. I have tried adding the jre/bin path to system Path variable. None of these have helped. Any help would be great. 

**** Build of configuration Debug for project TIesrDemoC55 ****

"C:\\ti\\ccsv7\\utils\\bin\\gmake" -k all
gmake[1]: Entering directory 'C:/ti/c55_lp/c55_csl_3.07/demos/TIesr/c5545/TIesr_C55_demo/build/ccsv5/Debug'
'Building file: C:/ti/c55_lp/c55_csl_3.07/demos/TIesr/c5545/TIesr_C55_demo/build/TIesrDemoC55.tcf'
'Invoking: TConf'
"C:/ti/bios_5_42_02_10/xdctools/tconf" -b -Dconfig.importPath="C:/ti/bios_5_42_02_10/xdctools/jre/bin;" "C:/ti/c55_lp/c55_csl_3.07/demos/TIesr/c5545/TIesr_C55_demo/build/TIesrDemoC55.tcf"
subdir_rules.mk:12: recipe for target 'build-1483366785-inproc' failed
C:\ti\bios_5_42_02_10\xdctools\C:/ti/bios_5_42_02_10/xdctools/tconf: can't create session manager: create of JVM failed
gmake[1]: *** [build-1483366785-inproc] Error 1
gmake: *** [build-1483366785] Error 2
gmake[1]: Leaving directory 'C:/ti/c55_lp/c55_csl_3.07/demos/TIesr/c5545/TIesr_C55_demo/build/ccsv5/Debug'
subdir_rules.mk:9: recipe for target 'build-1483366785' failed
gmake: Target 'all' not remade because of errors.

**** Build Finished ****