Moreover, I uninstalled my third party plug-in, Lizardtech Plugin for ArcGIS. Now the issue is that I am not been able to download my third party plugin. The error comes as "Could not access network location \usr\lib\\rasterformats.
I am also getting the error when I try to drag and drop raster images from ArcCatalog to ArcMap. It says 'Invalid raster dataset. Failed to create raster layer.' It also doesn't allow me to drag and drop my raster images.
I went back and see my raster folder is gone in my C:\Program Files\Common Files\ESRI