We are using the Kinetis 60 series MK60FN1MOVLQ12.
Yep i did check the name in my workspace and i have selected the very same controller.
@Pavel : I checked the physical reset line and there is continuity between them as well.
Also we had purchased the very same multilink programmer a few months back ,it is working perfectly every time we program with that !!!!
Edit:
This is just my observation:
But after frequent trials i can tell at which point it is programmer is hanging/showing error by checking the console logs:
Executing program .... ->Programmer hangs
Performing target initialization ... ->Error pops up
Erasing ... ->Programmer hangs
Reading flash ID ... ->Error pops up