COGNOS 8.3 Query Studio report must update Error

The above image actually shows 2 different errors. The first error asks you to update to the newer package that was published (This usually occurs when the query studio is open and a newer publish has been published during that time period.) During which we usually, log out of query studio and log in again. But here, we could not even do that and when we click on ‘OK’ it took us to the second error ‘Failed to load the pluggable shared library’.
The error that COGNOS is throwing and the actual issue are completely different according to me. The issue here was that, ‘Guarantor Name’ metadata in the development layer had a different spelling than what it was before and so the Presentation layer was not able to retrieve the metadata from the development layer. Once I ran the query subject in the framework to test, it through an error which clearly identified that the development layer did not have the metadata which the query was looking for.
The solution here was that I had to update the development query with the right path for each of the metadata elements in that query subject.