BUILD FAILED with Sencha CMD - sencha-touch

Question

I installed Sencha CMD tool in order to build production app. I went through sencha guidelines: http://docs.sencha.com/cmd/5.x/touch/cmd_app.html and upgraded to new version 2.4.
I'm running Sencha Touch 2.4.0.487, Sencha Cmd 5.0.2.270 with Ruby 1.9.3, Compass 1.0.1, Sass 3.4.5 on Windows 8.
Basically I'm trying to build production, but it fails. You can see errors below.
If anyone has any pointers it would be really appreciated.
Sencha Cmd v5.0.2.270
[INF] Processing Build Descriptor : default
[ERR]
[ERR] BUILD FAILED
[ERR] com.sencha.exceptions.BasicException: java.lang.NullPointerException
[ERR]
[ERR] Total time: 2 seconds
[ERR] The following error occurred while executing this line:
..\www\app\.sencha\app\build-impl.xml:376: The following error occurr
ed while executing this line:
..\www\app\.sencha\app\init-impl.xml:292: com.sencha.exceptions.Basic
Exception: java.lang.NullPointerException
..\www\app>sencha app build testing
Sencha Cmd v5.0.2.270
[INF] Processing Build Descriptor : default
[ERR]
[ERR] BUILD FAILED
[ERR] com.sencha.exceptions.BasicException: java.lang.NullPointerException
[ERR]
[ERR] Total time: 3 seconds
[ERR] The following error occurred while executing this line:
..\www\app\.sencha\app\build-impl.xml:376: The following error occurr
ed while executing this line:
..\www\app\.sencha\app\init-impl.xml:292: com.sencha.exceptions.Basic
Exception: java.lang.NullPointerException}