I deleted the app, then again re-installed it and now the app runs. Not sure what caused that error message.
However, my data is not loaded. I dumped my SQLite database in \RhoStudio\ruby\lib\ruby\gems\1.8\gems\rhodes-3.3.2\platform\shared\db\res\db before building and I expected it to be packaged along with the build, but that didn't seem to happen. Dumping SQLite database works for Android and WinMo. Is it different for BlackBerry?