HI yagarules,
Not sure but I found that this occurs when you update your system some problem occurs in your Application data.
when you will try this with other login on your system,, QTP should work properly.
I had the same problem earlier and found a workaround for the same.
go to C:\Documents and Settings\Administrator\Application Data\HP\QuickTest Professional
copy all xml files from there and paste at your user application data folder
C:\Documents and Settings\<Your user>\Application Data\HP\QuickTest Professional
I am still finding why this occurs, but I think this workaround will definitely work for you.
Not sure but I found that this occurs when you update your system some problem occurs in your Application data.
when you will try this with other login on your system,, QTP should work properly.
I had the same problem earlier and found a workaround for the same.
go to C:\Documents and Settings\Administrator\Application Data\HP\QuickTest Professional
copy all xml files from there and paste at your user application data folder
C:\Documents and Settings\<Your user>\Application Data\HP\QuickTest Professional
I am still finding why this occurs, but I think this workaround will definitely work for you.