After restoring the database to the server, I got the following error while importing the organization using the Deployment Manager

The build version of the database that I was importing was different than the build version of the database of the organization that I already had there.
http://support.microsoft.com/kb/946594 ( to find the build version of the database)
The one we were importing had higher build version.
Than we installed the update for Microsoft Dynamics CRM 2011 Release Candidate
http://support.microsoft.com/kb/2461082
Restarted the server and was able to import the organization successfully.
Hope it helps.

