CardExec (state BOOTING) timed out: BD8806_EXOS

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We upgraded BD 8806 switch to and one of the G48Tc cards in the switch failed to attain operational state after we gave reboot command to make the new EXOS active.

10/08/2015 01:12:39.99 MSM-A: Slot-2 being Powered ON
10/08/2015 01:12:35.71 MSM-A: Slot-2 FAILED (5) CardExec (state BOOTING) timed out
10/08/2015 01:12:35.71 MSM-A: Slot-2 Timeout in State BOOTING
10/08/2015 01:12:35.68 MSM-B: Slot-2 FAILED (5) Error on Slot-2

1) Disabled the slot 2 and then enabled. No recovery.
2) Physical reseating of the card did not help.
3) Then shifting the card from slot2 to slot6 also went in vain.

Slot-6 information:
State: Failed
Download %: 100
Last Error: CardExec (state BOOTING) timed out
Restart count: 6 (limit 5)
Serial number: 800224-00-06 1243G-00444
Hw Module Type: G48Tc
Configured Type: G48Tc
Ports available: 48
Recovery Mode: Reset
Debug Data: Peer=Failed


What is the meaning of this last error and the debug data. Is there anything which can be tried to recover the card or it is confirmed hardware fault?