Following resolved the issue for me:
- Plug the device to the computer
- Go to Organizer in XCode Under Devices
- delete the device
- Unplug the device and plug it in again
- Wait for XCode to recognize and the add device to the organizer again
- Then go to AppCode and try to run the app on the device
Somehow, after deleting and adding the device to organizer, AppCode was able to start running the app on the device again.