Hello Rohail,
just for clear picture, you have three independent environment’s one with 5.5 vCenter and hosts and other 5.0 based and 5.1 based?
What is the combination of vCenter/hosts versions/build you using together for testing this, you can't manage 5.5 host's with 5/5.1 vCenter that's clear ...
It is clone on the same Host ore between two hosts?
Resides cloned VM on shared storage accessible to both sides source/destination? is used same physical storage for source/destination?
In some circumstances cloning using management network so it depends of it's speed.... (if it's true check speed and duplex settings on network adapters)
Verify if your storage support the hardware acceleration functionality (VAAI) with vSphere 5.5 and check state of VAAI on hosts...
Have you check your HW compliance with vSphere 5.5 on VMware HCL...? and check if your firmware is up to date ...
Regards,
Petr
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Regards,
P.