It was the same result, the job was still hanging.
Atlast i found the issue. I disabled all the steps in the package and enabled one step at a time and tried to run the job. I figured the step that was causing the issue, the issue was, afterdownloading the files, it used an executable named ND.EXE to archive the files. This step was hanging since the ND.EXE was not exeuting in a 64 bit environment.
What happens if you log into the server and run the package manually from the command line?