Android Studio Bumblebee 2021.1.1 START FAILED

Question

After installing the Android Studio Bumblebee - 2021.1.1 Patch 3 (Win10x64) when I start the Studio I get an ERROR window with the following error message -

Internal error. Please refer to https://code.google.com/p/android/issues

java.util.concurrent.CompletionException: java.lang.IllegalStateException: failed to create a child event loop
    at java.base/java.util.concurrent.CompletableFuture.encodeThrowable(CompletableFuture.java:314)
    at java.base/java.util.concurrent.CompletableFuture.completeThrowable(CompletableFuture.java:319)
    at java.base/java.util.concurrent.CompletableFuture$AsyncSupply.run(CompletableFuture.java:1702)
    at java.base/java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1128)
    at java.base/java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:628)
    at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1$1.run(Executors.java:668)
    at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1$1.run(Executors.java:665)
    at java.base/java.security.AccessController.doPrivileged(Native Method)
    at java.base/java.util.concurrent.Executors$PrivilegedThreadFactory$1.run(Executors.java:665)
    at java.base/java.lang.Thread.run(Thread.java:829)
Caused by: java.lang.IllegalStateException: failed to create a child event loop
    at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:88)
    at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:58)
    at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:47)
    at io.netty.channel.MultithreadEventLoopGroup.<init>(MultithreadEventLoopGroup.java:59)
    at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:86)
    at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:81)
    at io.netty.channel.nio.NioEventLoopGroup.<init>(NioEventLoopGroup.java:68)
    at org.jetbrains.io.BuiltInServerKt.multiThreadEventLoopGroup(BuiltInServer.kt:144)
    at org.jetbrains.io.BuiltInServerKt.access$multiThreadEventLoopGroup(BuiltInServer.kt:1)
    at org.jetbrains.io.BuiltInServer$Companion.start(BuiltInServer.kt:54)
    at org.jetbrains.io.BuiltInServer.start(BuiltInServer.kt)
    at com.intellij.idea.SocketLock.lambda$lockAndTryActivate$2(SocketLock.java:171)
    at java.base/java.util.concurrent.CompletableFuture$AsyncSupply.run(CompletableFuture.java:1700)
    ... 7 more
Caused by: io.netty.channel.ChannelException: failed to open a new selector
    at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:175)
    at io.netty.channel.nio.NioEventLoop.<init>(NioEventLoop.java:142)
    at io.netty.channel.nio.NioEventLoopGroup.newChild(NioEventLoopGroup.java:146)
    at io.netty.channel.nio.NioEventLoopGroup.newChild(NioEventLoopGroup.java:37)
    at io.netty.util.concurrent.MultithreadEventExecutorGroup.<init>(MultithreadEventExecutorGroup.java:84)
    ... 19 more
Caused by: java.io.IOException: Unable to establish loopback connection
    at java.base/sun.nio.ch.PipeImpl$Initializer.run(PipeImpl.java:94)
    at java.base/sun.nio.ch.PipeImpl$Initializer.run(PipeImpl.java:61)
    at java.base/java.security.AccessController.doPrivileged(Native Method)
    at java.base/sun.nio.ch.PipeImpl.<init>(PipeImpl.java:171)
    at java.base/sun.nio.ch.SelectorProviderImpl.openPipe(SelectorProviderImpl.java:50)
    at java.base/java.nio.channels.Pipe.open(Pipe.java:155)
    at java.base/sun.nio.ch.WindowsSelectorImpl.<init>(WindowsSelectorImpl.java:142)
    at java.base/sun.nio.ch.WindowsSelectorProvider.openSelector(WindowsSelectorProvider.java:44)
    at io.netty.channel.nio.NioEventLoop.openSelector(NioEventLoop.java:173)
    ... 23 more
Caused by: java.net.BindException: Cannot assign requested address: connect
    at java.base/sun.nio.ch.Net.connect0(Native Method)
    at java.base/sun.nio.ch.Net.connect(Net.java:476)
    at java.base/sun.nio.ch.Net.connect(Net.java:468)
    at java.base/sun.nio.ch.SocketChannelImpl.connect(SocketChannelImpl.java:692)
    at java.base/java.nio.channels.SocketChannel.open(SocketChannel.java:194)
    at java.base/sun.nio.ch.PipeImpl$Initializer$LoopbackConnector.run(PipeImpl.java:127)
    at java.base/sun.nio.ch.PipeImpl$Initializer.run(PipeImpl.java:76)
    ... 31 more


Your JRE: 11.0.11+9-b60-7590822 amd64 (Oracle Corporation)
C:\Users\~USER~\Desktop\ADB\android-studio\jre

Please guide me on how to fix the error and start using the Android Studio. I already tried deleting the folder in ~user\AppData\Roaming\Google. But no use.