No such file or directory -- rake [PROJECT-FOLDER-NAME] init ... (LoadError)

I have rails 3.2.0 application and ruby is - 2.1.2. When I'm running below command

rake assets:precompile 

I'm getting error like

.rvm/rubies/ruby-2.1.2/bin/ruby: No such file or directory -- rake [PROJECT-FOLDER-NAME] init ... (LoadError)
rake aborted!

What's wrong with Precompile not getting so please Help me