Tool Box was already installed. I tried uninstalling and reinstalling also.Didnt help.
But read on some forum (maybe mibuso.com) that the GUID in above error is for NTimer.dll
But in my PC NTimer.dll file somehow got unregistered.
It is located in the folder
C:\Program Files (x86)\Common Files\Microsoft Dynamics NAV\Timer\
after opening a cmd prompt as administrator and manually registering the file using the command
regsvr32 NTimer.dll.
it started working again.
Thanks For the Help