I finally got it to work but still not sure what the problem was.
Here is what i did ...
I Downloaded the latest ADT Bundle, then pointed the SDK to my original set i was using before as it contained the full set of platforms ,docs etc.
For any one who needs to do this ..
- Open the Eclipse in the downloaded bundle. (It contains the latest platform only)
- Goto Window -> Preferences
- Choose Android on the Left side
- On the Right Click Browse and select the "android-sdk" folder that you need to use
- Click OK at the bottom