HI Saurabh,
Routers with ROMMON version fail to respond to the break sequence command received from a device connected to the console port. This failure prevents normal password recovery of the device.
It seems that either your CF card is not inserted properly into your router, or it has been corrupted or damaged. Try removing the CF card and reseating it back into the router carefully but firmly. If this does not help then it is probable that either the filesystem on the FLASH was corrupted or the entire CF has failed and has to be physically replaced.
You can try to format your CF card in another router of the same or similar type using the privileged EXEC IOS command format flash: and then put back the IOS image on it. It may also be a good idea to simply insert it into a similar router after it has booted using its own CF card to see whether it is able to read your CF card.
The fact is that these CF cards do fail quite often and quite probably this happened also in your case.
Same problem discussed here:
http://hope.mx/break-sequence-on-a-cisco1921
Regards
Hope it helps.