1. Under channel attributes of an AS2 channel for the trading partner, the Ack Mode has been set to: Async
2. Under Exchange Protocol Parameters, Receipt Delivery Option was set to, http://<host>:<port>/b2b/httpreceiver.
I think, this configuration started working.... Please let me know if any other config I missed.
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Your configuration is correct. However, it is not mandatory to set the Receipt Delivery Option. You can set it only if you want the Receipt Delivery to go to different URL.