Hello Kewal Deshpande:
Unfortunately Processor Expert Driver Suite does not support Kinetis SDK v1.2 and I don't know of any plans to implement it.
You can however use KDS v3.0.0 to generate Processor Expert projects for IAR or Keil, having the same functionality as with Driver Suite.
There is also the option to install the plugin "Processor Expert for Kinetis v3.0" to an existing Eclipse installation. You can download it from next link:
Processor Expert Software, Microcontroller Dr|Freescale
Regards!
Jorge Gonzalez