After searching about the issue, I found a suggestion in Google search to remove all ASP.NET temporary files. Once I removed all the temporary files, the application start working again.
Remove ASP.NET Temp Files in Windows
To clear the temporary files do the following on both the Web Server:
Wrap Up
Even you can remove the temporary file without stopping the IIS server. Hope this tutorial helps you to resolve the caching-related issue on your Windows server.