I found the fix.
1. Since it was connecting over wifi so I did a ssh to it. Or alternatively I could have attached the other usb cable and could have made a serial connection.
2. ifconfig usb0 up
This brought the interface up in whose absence I was seeing Network cable unplugged
3. With this the Network Adapter started showing "Identifying Network"
4. Once I added the static IP address 192.168.2.2 (subnet 255.255.255.0). It worked!!