After Mac OS Montery(12.0.1) update, my VirtualBox will not start and give NS_ERROR_FAILURE

Error: 
 The virtual machine 'BASE' has terminated unexpectedly during startup with exit code 1 (0x1). 

Result Code: 
NS_ERROR_FAILURE (0x80004005)
Component: 
MachineWrap
Interface: 
IMachine {85632c68-b5bb-4316-a900-5eb28d3413df}

I updated my mac to Monterey last night. After that, my VM will not start. I have tried several things after looking at various other blogs but none seem to solve the issue. 1. Updating VirtualBox to latest release i.e. 6.1.28 2. Downloading extension for VirtualBox from https://www.virtualbox.org/wiki/Downloads 2. Uninstalling VirtualBox and executing

.pkg

and then allowing "Oracle America" in Security and Privacy setting [this link](https://stackoverflow.com/a/52813517/12784437) 3. Enable/Disable SIP in Recovery mode.

status

,

enable/disable

[this link](https://forums.virtualbox.org/viewtopic.php?f=8&t=100762) 4. The 'Discard' button is greyed. 5. I also checked the read/write access of the VM folders but they are fine. Here is the OS details.

Process:               VirtualBoxVM 
Path:                  /Applications/VirtualBox.app/Contents/Resources/VirtualBoxVM.app/Contents/MacOS/VirtualBoxVM
Identifier:            org.virtualbox.app.VirtualBoxVM
Version:               6.1.28 (6.1.28)
Code Type:             X86-64 (Native)
Parent Process:        launchd 
Responsible:           VirtualBox 
User ID:               501

Date/Time:             2021-11-01 11:53:21.3160 +0530
OS Version:            macOS 12.0.1 (21A559)
Report Version:        12
Bridge OS Version:     6.0 (19P548)
Anonymous UUID:        07F57096-5B7A-630E-C7CC-7CDCCC491403


Time Awake Since Boot: 88 seconds

System Integrity Protection: enabled

Crashed Thread:        0  Dispatch queue: com.apple.main-thread

Exception Type:        EXC_CRASH (SIGABRT)
Exception Codes:       0x0000000000000000, 0x0000000000000000
Exception Note:        EXC_CORPSE_NOTIFY

Application Specific Information:
crashed on child side of fork pre-exec