So as per your documentation that to instantiate an AGSBingMapLayer, I need to provide a valid Bing Maps Key and a style for the imagery -- Roads, Aerial, or Aerial with labels.
AGSBingMapLayer* layer = [[AGSBingMapLayer alloc] initWithAppID:Bing_Key style:AGSBingMapLayerStyleRoad];
[mMapView addMapLayer:layer withName:@"Bing_Key"];
[layer release];
where Bing_Key i am fetching from service.
So I am able to show all 3 types of bing maps but my objects are not getting plotted on bingmap while all objects are getting easily plotted using AGSTiledMapServiceLayer for Street, Satellite etc.