When you are in the middle of updating a project plan, something bad happens like electricity failure or LAN breakage which may make your local cache corrupt. Due to this corrupt cache, your project plan doesn't get open properly by the project server.
Don't frustrate because solution to this problem is simple:
Just open default blank Project Plan and go to Tools -> Local Project Cache -> Cache Settings as shown in the following picture
Copy the cahce location path and close project plan.
Then, go to that path on your local system and delete your corrupted project cache files. That's it!
Now, you can now open your project plan without any issues. However, your changes will be lost and you will have to update project changes again. But still, its far better than re-installing the microsoft project professional :)=
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project server, cache