1) Download the SDK platform for API 20 (4.4W)
2) Navigate to your sdk folder (should be like D:\EclipseWorkspace\adt-bundle-windows-x86_64-20140321\sdk)
3) Go to platforms folder -> android-21 folder -> data folder
4) rename layoutlib.jar (for backup purpose)
5) copy the same file from your android-20 folder to this folder
6) restart Eclipse
Let me know if it fixed the problem, maybe it was something else I did.
Thanks deepanshu for the hint and hardwork :)