1. A method for efficient elimination of false positives generated in static analysis of an application code, the method comprising: performing static analysis on the application code to generate a plurality of static analysis warnings using a static analyzer module; generating an assertion corresponding to each of the plurality of static analysis warnings using an annotator module; computing one or more set of complete-range non-deterministic value (cnv) variables through static analysis using a cnv variables identifier module; checking whether one or more variables in respect of the generated assertion are cnv variables or not at each of the assertion program points using a cnv variables checker module; determining whether one or more verification calls for each generated assertion corresponding to the each of the plurality of static analysis warnings is redundant or non-redundant using a redundant calls identifier module; skipping the one or more determined redundant verification calls to cause efficient elimination of false positives; invoking a model checker to verify the one or more non-redundant verification calls by using an assertion verifier module; and eliminating by the assertion verifier module the corresponding static analysis warning as false positive depending on the outcome of the verification using a model checker.