Hi Jayant.
You can factory reset the codec from the CLI.
This will wipe out all current configuration. If you have no network connection to the codec then you can still connect to it by using a dhcp enabled computer. Plug it into the auxiliary port to get a local IP, and from there on you can connect through http or ssh.
If you do not have access to the CTS password/login then you would have to reset the password.
You can use the guide below
http://www.cisco.com/en/US/docs/telepresence/cts_admin/1_7/admin/guide/ctsadmin_cfg.html#wp1064537
Procedure
To reset your CTS codec password:
Step 1 
SSH into the codec from your laptop.
Step 2 Login with the following:
•Username: pwrecovery
•Password: pwreset
The following message appears in the SSH client window:
Example 3-1 Welcome to Password Reset
dhcp-249:~ $ ssh pwrecovery@10.00.00.100
pwrecovery@10.00.00.100's password: