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.