VM not starting in VirtualBox

There was an error while executing VBoxManage, a CLI used by Vagrant
for controlling VirtualBox. The command and stderr is shown below.

Command: [“hostonlyif”, “create”]

Stderr: 0%…
Progress state: E_FAIL
VBoxManage.exe: error: Failed to create the host-only adapter
VBoxManage.exe: error: Querying NetCfgInstanceId failed (0x00000002)
VBoxManage.exe: error: Details: code E_FAIL (0x80004005), component HostNetworkInterfaceWrap, interface IHostNetworkInterface
VBoxManage.exe: error: Context: “enum RTEXITCODE __cdecl handleCreate(struct HandlerArg *)” at line 94 of file VBoxManageHostonly.cpp