iOS Simulator not running when adding module to Titanium project

My application is not running in iOS simulator if I add any iOS module (default or my own modules). If I remove the module then it is running perfectly. I have searched the forums and some where it is mentioned that there is an iOS build script bug for adding module and the build.py file need to be modified.

I have no idea what and where to modify. Some please help what need to done to resolve this. I pulling my hair because of this..

My Configuration:

1. Titanium SDK : 3.1.1GA
2. iOS SDK : 6.1
3. XCode Version : 4.6.1