3424229 - AS Java fails to start due to "JCO_ERROR_TIMEOUT during Initialization of repository destination"

AS Java system goes down as it could not establish a successful Connection having AS ABAP server as a UME datasource, connection fails with following error:

Dev_jstart:

F  [Thr 140095496497024] *** LOG => Process server0 stopping (pid 7514).
F  [Thr 140095496497024] *** LOG => Signal 17 SIGCHLD.
F  [Thr 140095496497024] *** LOG => Process server0 stopped (pid 7514).
F  [Thr 140095496497024] *** WARNING => Node server0 failed: result 1, exit code 2150. [sfxxnode.hpp 1036]
F  ********************************************************************************

Dev_server:

F  [Thr 140579453417216] *** LOG => SfCJavaVm: exit hook is called. (rc = 2150)
F  
F  ********************************************************************************
F  *** ERROR => Java node 'server0' terminated with exit code 2150.
F  ***
F  *** Please see section 'Java program exit codes'
F  *** in SAP Note 1316652 for additional information and trouble shooting advice.
F  ********************************************************************************
F  
F  [Thr 140579453417216] *** LOG => exiting (exitcode 2150, retcode 1).
M  [Thr 140579453417216] CCMS: CCMS Monitoring Cleanup finished successfully.

std_server.out:

 Service [com.sap.security.core.ume.service] start ================= ERROR ================= 
  CSN Component [BC-JAS-SEC-UME], DC Name [sap.com/com.sap.security.core.ume.service]
com.sap.engine.frame.ServiceException: Start of UME service failed. Check help topic "Start of UME Service Failed". Technical details: com.sap.conn.jco.JCoException: (135) JCO_ERROR_TIMEOUT: Initialization of destination <XXXXXX> failed: Timeout occurred while logging on to an ABAP system. Remote system[<SID>|<IP Address>|XX] did not reply within 60 seconds on handler [XX/XXXXXXXX]

  at com.sap.security.core.server.ume.service.UMEServiceFrame.start(UMEServiceFrame.java:463)
    at com.sap.engine.frame.ApplicationFrameAdaptor.start(ApplicationFrameAdaptor.java:31)
    at com.sap.engine.core.service630.container.ServiceRunner.startFrame(ServiceRunner.java:165)
    at com.sap.engine.core.service630.container.ServiceRunner.startService(ServiceRunner.java:118)
    at com.sap.engine.core.service630.container.ServiceRunner.run(ServiceRunner.java:65)
    at com.sap.engine.frame.core.thread.Task.run(Task.java:73)
    at com.sap.engine.core.thread.impl5.SingleThread.execute(SingleThread.java:178)
    at com.sap.engine.core.thread.impl5.SingleThread.run(SingleThread.java:316)

Caused by: com.sap.security.core.persistence.datasource.PersistenceException: com.sap.conn.jco.JCoException: (135) JCO_ERROR_TIMEOUT: Initialization of destination BHPCLNT600 failed: Timeout occurred while logging on to an ABAP system. Remote system [<SID>|<IP Address>|XX] did not reply within 60 seconds on handle [XX/XXXXXXXX]
    at com.sap.security.core.persistence.datasource.imp.R3PersistenceBase.newPersistenceException(R3PersistenceBase.java:217)
    at com.sap.security.core.persistence.datasource.imp.R3PersistenceBase.init(R3PersistenceBase.java:501)
    at com.sap.security.core.persistence.imp.PrincipalDatabagFactoryInstance.<init>(PrincipalDatabagFactoryInstance.java:550)
    ... 14 more

    ... 15 more
Caused by: com.sap.conn.jco.JCoException: (135) JCO_ERROR_TIMEOUT: Initialization of destination <XXXXXX> failed: Timeout occurred while logging on to an ABAP system. Remote system [<SID>|<IP Address>|XX]  did not reply within 60 seconds on handle [XX/XXXXXXXX]
    at com.sap.conn.jco.rt.RfcDestination.initialize(RfcDestination.java:901)
    at com.sap.conn.jco.rt.RfcDestination.getAttributes(RfcDestination.java:601)
    at com.sap.conn.jco.rt.RfcDestination.getAttributes(RfcDestination.java:34)
    at com.sap.security.core.persistence.datasource.imp.r3persistence.R3JCo700Proxy$Client700.getAttributes(R3JCo700Proxy.java:347)
    ... 18 more

    ... 21 more
Caused by: RfcException:
    message: Timeout occurred while logging on to an ABAP system. Remote system [<SID>|<IP Address>|XX] did not reply within 60 seconds on handle  [XX/XXXXXXXX] 
    return code: RFC_TIMEOUT (23)
    error group: 102
    key: RFC_ERROR_COMMUNICATION
    at com.sap.conn.rfc.api.RfcApi.RfcOpen(RfcApi.java:151)
    at com.sap.conn.jco.rt.MiddlewareJavaRfc$JavaRfcClient.connect(MiddlewareJavaRfc.java:1410)
    ... 27 more

FATAL: Critical shutdown with exit code [2150] was requested due to [AS Java cannot be started; core service [com.sap.security.core.ume.service] failed to start]

SAP NetWeaver 7.1+

jrfc.client_connect_timeout;, time out, timeout, JCO_ERR, jco_error,"Start of UME Service Failed".  (135) JCO_ERROR_TIMEOUT , Initialization of destination , KBA , BC-JAS-SEC-UME , User Management Engine , BC-MID-CON-JCO , Java-Connector , Problem