Unable to apply external pre-compiled plugin

Hello,
I was following article publishing convention plugin. this is project structure for plugin.

    platform-plugin:
       -- build.gradle
       -- settings.gradle
       -- src/main/groovy
          -- com.platform.platform-plugin.gradle

build.gradle looks like this

plugins {
        id 'groovy-gradle-plugin'
        id 'java-gradle-plugin'
        id 'maven-publish'
    }
    
    group = 'com.platform.plugins'
    version = '0.1.0-SNAPSHOT'
    
    publishing {
        repositories {
            mavenLocal()
        }
    }

Next i ran ./gradlew build && .gradlew publishToMavenLocal to publish plugin to local artifactory. (verified plugin-platform-0.1.0-SNAPSHOT.jar/.pom/.module packages are available)

Now In another project, where i want to apply com.platform.platform-plugin, i have updated settings.gradle to include plugin-management block as below

pluginManagement {
        repositories {
            mavenLocal()
            gradlePluginPortal()
        }
    }

and applied plugin in plugins block of build script.

    plugins {
        ...
        id 'com.platform.platform-plugin' version '0.1.0-SNAPSHOT'
    }

Now, when i run ./gradlew build, I get following error

FAILURE: Build failed with an exception.
    
    * What went wrong:
    org/gradle/plugin/devel/internal/precompiled/FirstPassPrecompiledScript
    > org.gradle.plugin.devel.internal.precompiled.FirstPassPrecompiledScript
    
    * Try:
    Run with --stacktrace option to get the stack trace. Run with --info or --debug option to get more log output. Run with --scan to get full insights.

Any help / pointer to resolve this would be helpful. Thank you.