Reference link: http://www.programering.com/a/MTNyUDMwATA.html
Steps I followed
1) Execute the command adb nodaemon server in command prompt
Output at command prompt will be: The following error occurred cannot bind 'tcp:5037'
The original ADB server port binding failed
2) Enter the following command query which using port 5037
netstat -ano | findstr "5037"
The following information will be prompted on command prompt: TCP 127.0.0.1:5037 0.0.0.0:0 LISTENING 9288
3) View the task manager, close all adb.exe
4) Restart eclipse or other IDE
The above steps worked for me.