When i tried to instail this plugin
http://fornwall.net/eclipsecoder/ to compete in Arena at TopCoder
I found this problem.
http://i.stack.imgur.com/Vvc
You get this error when p2 can't find the update site to install. Looks like the url that youa re using is correct, so the problem is one of two things:
As a side note, the update site is an old style update site (ie- pre-3.4 and does have proper metadata). You should encourage the maintainers of this plugin to update to a modern update site.