Meteor selecting packages loop

I have an issue with Meteor. Initially project was developed on meteor 1.2.1 after that we made an update to 1.4 and figure out that some packages are not supported in 1.4 so we decided to make a downgrade to 1.2.1.

What I have tried is creating a new project with 1.2.1 release and porting the project files into new 1.2.1 project but when I try to load the project it gets stuck in selecting package versions and remained there for a long time. I have waited for already for 30 minutes and still no result.

Also I tried just to run Meteor update --release 1.2.1 the same result.