Hi Suresh, the conversion adds an interesting look to the out of focus grass at the top of the screen but and the contrast looks ok.
This would possibly have been better with a smaller depth of field so that all of the grass would have been in focus. At the moment, especially in the conversion, the OOF grass draws the eye away from the leaf. The leaf is a bit too low down as well, it's not prominent enough.
The edge of the leaf also looks overly sharp. That can probably be fixed with some blurring.
I think I like the colour version better, as it already has selective nature, the lonesome red leaf stands out of the complementary coloured green grass!