Guys,
I am really sorry about messing up the old thread and making you guys go through all this work. I do want to put another update here.

I ran a test batch file that scheduled and deleted the job at one minute interval with the same credentials and recorded the time and status in a log file. It turns out that there are exactly 12 hours between successes which means that once a job is scheduled and deleted, it cannot be rescheduled with the same credentials for the next 12 hours.

Thanks,
Anupam