how to load Ckeditor with IMCE file browser through javascript
Finally i figured it myself, after referring to some of the Drupal forum posts, like this one. I removed the 'Image' button in ckeditor toolbar, and instead used the 'IMCE' button. I realized that i must


Assign a profile to the users under: admin/config/media/imce
Under admin/config/content/ckeditor/edit/Full > Editor Appearance, add 'IMCE' button in the 'Used Buttons' area and check the option "Plugin for inserting files from imce without image dialog" under Plugins. (assuming that i am using 'Full' ckeditor profile)
Under admin/config/content/ckeditor/edit/Full > File browser settings > select 'IMCE' for all File browser type options.
Include the 'IMCE' option while applying the ckeditor for the textarea, like:

CKEDITOR.config.toolbar = [['Bold','Italic','Underline',
'-','JustifyLeft','JustifyCenter','JustifyRight','-','IMCE','Undo','Redo']];


Finally this is what i achieved in the editor: