I spent lot of time resolving this issue and saw many people are facing similar problem. So thought of sharing the solution. Hope it will help others.
If you are getting error 'The project: ABC which is referenced by the classpath, does not exist'
Solution #1:
1. Closed Eclipse
2. Renamed Workspace folder
3. Reopened Eclipse
4. Then 'Run launch configuration'
Solution #2:
1. Closed Eclipse
2. Reopened Eclipse
3. Give new Workspace name
4. Then 'Run launch configuration'
If you are getting error 'The project: ABC which is referenced by the classpath, does not exist'
Solution #1:
1. Closed Eclipse
2. Renamed Workspace folder
3. Reopened Eclipse
4. Then 'Run launch configuration'
Solution #2:
1. Closed Eclipse
2. Reopened Eclipse
3. Give new Workspace name
4. Then 'Run launch configuration'