Robbe, I don't think this error is application specific, for two reasons; firstly, I tried another application on my server and I got the same error. Secondly, my application has been working fine for couple of years and few days back, I installed Windows Server 2012. I moved my application to this server. Still lost though. I'm guessing either it has to do with some user-right permissions or some system process which causing my pool to stop. I'm very lost though. :(
Thanks for your help.