On further debugging I found that standard SAP code registers the crm_mycal component twice, the first one is correct, but the second one is with capital letters and this is causing the issue.
2016-02-26 21:11:28 registerResourcePath ('cus/crm/mycalendar', '/sap/bc/ui5_ui5/sap/crm_mycal/') - sap.ui.ModuleSystem core-min-0-dbg.js:15226
2016-02-26 21:11:28 registerResourcePath ('cus/crm/mycalendar','/sap/bc/ui5_ui5/sap/CRM_MYCAL/') - sap.ui.ModuleSystem
Yet to figure out why this happens
Thanks,
Vivek