It seems that the c7200 IOS image has a DHCP service bug that won’t successfully assign a dynamic IP address from its pool to end devices. But another c7200 router acting as a dhcp client gets the address.
Hence the error message in VPCS during DHCP conversation.
VPCS> dhcp DDORRR can't get ip address from dhcp server
Running debug ip dhcp in the router clearly shows the transaction of Discover,Offer,Reply packets. The Ack packet of the DHCP transaction doesn’t reach the VPCS(though the debug shows that ACK is being sent).
Using c2600 series router in place of c7200 router solved the issue.
You can get more information on this here.