Hello Mahadev,
Have you tried to increase the memory heap for the Workstation?
If not and depending what is the memory available on your machine, open the Workstation.vmoptions file, under $LISA_HOME/bin/, and change the maximum memory to be allocated to 1G or 2G:
-Xmx2G
Save the vmoptions file and restart the Workstation.
Memory Settings - DevTest Solutions - 10.1 - CA Technologies Documentation
Hope it helps.
Heloisa