Binary was not built with debug information in Visual Studio 2008

Though the project builds without any error, when I debug the project for starting new instance, the following error is dispayed:

winpeshl.exe - Application Error

The application failed to initialize properly (0xc0000142). Click OK to terminate the application.

And the debug output panel displays the following:

C:\Windows\SysWOW64\msxfs.dll', Binary was not built with debug information.

msxfs.dll is an external dll file which I have added to the project and also copied to C:\Windows\SysWOW64

Can anyone tell me what the problem is?

It seems that you are using a release version of msxfs.dll in your program which is in debug mode.(It's my guess, Please check your project settings to verify the same).
If it is the case then you can download/build it yourself in debug version mode of msxfs.dll. or else you can change your project settings to release mode.
Read
To Generate release Build
To Generate Debug Build with Debug Info