Unable to start the daemon process with latest gradle 7.4.2

I have been trying to do a gradle build on my macbook for quite sometime now, I just can’t seem to be getting beyond this error. I have gone through some of the pointers for this error & tried them out, but nothing seems to be working out. I need help. Please let me know what needs to be done.

I’m using the latest gradle version, details below ::

manojbhat@Manojs-MacBook-Pro % gradle -v

Gradle 7.4.2

Build time: 2022-03-31 15:25:29 UTC
Revision: 540473b8118064efcc264694cbcaa4b677f61041

Kotlin: 1.5.31
Groovy: 3.0.9
Ant: Apache Ant™ version 1.10.11 compiled on July 10 2021
JVM: 16.0.2 (Oracle Corporation 16.0.2+7-67)
OS: Mac OS X 11.5 x86_64

Java version below ::

manojbhat@Manojs-MacBook-Pro -cos- % java -version

openjdk version “16.0.2” 2021-07-20

OpenJDK Runtime Environment (build 16.0.2+7-67)

OpenJDK 64-Bit Server VM (build 16.0.2+7-67, mixed mode, sharing)