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When i try to start and manager from android studio it doesn't start and when i go to
C:\Program Files (x86)\Android\android-studio1\sdk\tools\lib and start AVD MANAGER & ADK Manager it doesnt start and
failed to execute tool\android.bat: The System cannot find the file specified.
Please help me out with this ASAP
Second most of all the other solutions. It is a matter of windows file permissions for the android sdk's bin executable files. Edit the permissions for the windows user over the files within the bin directory of your android sdk's installation.
Hope this works.
You likely have already found the solution, but ... While the other answers to run the AVD directly from the andriod.bat file will work, you don't have to do this. You simply need to run your Android Studio as administrator. Then you can launch your ADV from within Android Studio.
You should run C:\Program Files (x86)\Android\android-studio1\sdk\tools\android.bat
To run the SDK Managaer from Windows as for the SDK versions not bundled with Android Studio, go to: C:\Program Files (x86)\Android\android-studio1\sdk\tools\ and run android.bat
For the Eclipse bundled, or manually installed SDK, the "SDK Manager.exe" is directly in the home directory and can be executed directly. This is not the case for Android Studio SDK.
Go to ..\adt-bundle-windows-x86_64-20131030\sdk\tools and Run android.bat as Administrator. This would directly start your SDK Manager. You can start the AVD from the SDK manager by Tools->Manage AVDs.