Anup, I looked into this briefly a couple of months ago, and concluded I would need to develop a custom plug-in to achieve it (as the BT Printer manufacturer didn't have one), I didn't have the time to do that; so I shelved the idea for now.
What bluetooth printer are you thinking of printing to?
PS. see this post for more info : http://stackoverflow.com/questions/8530823/print-to-external-receipt-printer-using-senchatouch-with-phonegap
(it takes of ios specifically, but the plug-in issue is the same I believe)