Hi umesh170,
I can confirm that, even though the fix I described worked for a while, after two days or so running fine the same problem happened again.
I was talking to a friend today and he confirmed to me that Apple has acknowledged the problem and that they are preparing a fix for it, however he said that the fix would be released for Snow Leopard as this is a migration problem, in which case only people that haven't upgraded to Lion yet would benefit. I'm not too sure if they will also release a fix for Lion but it makes sense that they would.
Like I said, this is a problem that is definitely caused by migrating from Snow Leopard to Lion. For now, the only solution I see is to copy all your important files to an external hard disk, format your Mac and do a clean install of OS X Lion using a disk (instructions on how to create a disk for OS X Lion can be found here: http://lifehacker.com/5823096/how-to-burn-your-own-lion-install-dvd-or-flash-dri ve you will need a Double-Layer DVD of 8GB or a USB Stick with 8GB or more)
Once you created the DVD or USB Stick, follow the steps described in the link above and do a clean install of Lion by formatting your hard disk and installing it afterwards.
Once Lion is installed it's important that you do not use a Time Machine Backup to restore your system to it's previous state as this WILL bring the issue back with your old system and setting files. You'll need to manually copy your personal files (stay clear of copying any files from your old ~/Library or /System/Library). You will also need to re-install all software you previously had in your system.
This is an imediate solution, the other option is to wait for Apple to release a fix for this issue, which I'm not sure when that will be.
Hope that helps...