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, wherein the one or more set of cnv variables include complete-range of non-deterministic values; 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 are redundant or non-redundant based on presence of the one or more set of cnv variables, 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; wherein the identification of redundant verification calls may use the criterion of single or all assertion variables to be cnv variables at the assertion program point.