Hi Jaymala,
Hponcfg is not able to communicate with iLO, either becuase of an issue with the driver or because iLO firmware might be in some state where it is not responding properly.
* Try restarting HP iLO channel interface driver.
* Try reseting/rebooting the iLO. If the iLO is on network, you can do that by just pressing Apply button under Network Settings menu.
* If that does not work, please check if you see the F8 prompt during POST (if you can afford reboot the server). You can go there and reboot iLO by applying the network settings.
* If you do not get F8 prompt of iLO and it displays some message like iLO is not responding, then you can try offline iLO firmware flash.