Thanks for your support so far.
I just ran DBCC CHCKDB before repair_allow_data_loss and it ran without any errors.
So here is what I am planning to do:
* Restore the backup of corrupted db on to a different server
* Run DBCC CHCKDB before repair_allow_data_loss untill i runs without any errors
* Create a backup from error free db and restore it over the corrupted db OR restore as a new db. [Which option is more advisible?]
Please bear with my ignorance but what should we be looking for regarding IO subsystem as our server is a Virtual Private server with one of the hosting company.