I was getting following error on load of a plugin
Unhandled Exception: System.ServiceModel.FaultException`1[[Microsoft.Xrm.Sdk.OrganizationServiceFault, Microsoft.Xrm.Sdk, Version=8.0.0.0, Culture=neutral, PublicKeyToken=31bf3856ad364e35]]: Download the details and load with Plug-in Profiler.
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I tried debugging the plugin in detail and after struggling for too much time, came to know about the solution; which has been given in the answers section. Please feel free to share your thoughts on this as this will help many others in future.
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