The cause of this issue is due to jvm incompatibility used by other Applications and tools in client machine.
As solution, we can do the following steps:
1. Go to program files -> java > jre-1_5_0_16
Path : C:\Program Files\Java\jre-1_5_0_16\bin\client
2. Copy the jvm.dll file
3. Go to C:\Program Files\Oracle\JInitiator 22.214.171.124\bin\hotspot
4. Take the backup of current jvm.dll file
5. Copy the jvm.dll file which you have copied from the above jre-1_5_0_16 directory.
6. Close all the browsers and restart
7. You can able to access the forms now
This is not a certified practice from oracle. Eventhough, if you are facing this compatibility issue, you can overcome for the time being.