Hi All
Thanks for all your inputs.The issue was that the JAVA resources were highly utilized on the SEPM servers and that the web console used JAVA resources on the SEPM server.
Fixed it by restarting the Apache and SEPM servers a the heap size was already set to 1024 and was successfully able to login to web console.
The recommended practise for this is to use the JAVA console instead of web console as this wouldn't use the system resources.