Sekhar,
Sorry that you are seeing this issue.
1. The -configuration lines are missing from the .ini contents you shared.
Can you please replace the -configuration lines and check if the issue persists ?
2. If MyEclipse cannot be started even after adding the -configuration lines, please attach the .ini file to help us replicate the issue at our end. Also share the OS X version details.
3. Can you please let us know what exact error you are seeing when trying to start the MyEclipse including any messages displayed ? If possible, please attach the screenshot of the error to help us get a visual.Please also look for java dump files and attach them as well.
4. If the IDE allows you to select the workspace then please send us the .log file located at <workspace dir>/.metadata/.log for further investigation.