Hi Ganesh,
You can also from modeler do deploy for eclipse. This will make your project eclipse ready, which means only you need to import your project into eclipse workspace.
Once import is finished, then you will find one "<yourprojectname>.launch" file.
And voila... just right click on that file and run as java application.
Hope this helps.
Thanks
You can run/debug the application directly from eclipse, just make sure that the Main class points to: com.mendix.m2ee.server.HttpAdminAppContainer in the run configuration. This should start a Mendix Console.