UPDATE: The weird thing is that i can able to login using same credentials to mavens-mate without any issue. Not sure why I'm unable to login using force.com IDE
After installing Eclipse and the Force.Com IDE. I then create a new Force.Com project and provide valid login information to my org I get the following error after a few seconds:
Unable to load org details, see the attached screen shot.
I can able to login to my dev box using the same credentials that I'm trying to login through eclipse force.com ide.