3428301 - java.net.ConnectException: Connection timed out: NWDS deployment issue

Deployment on SAP NetWeaver Application Server for Java (AS Java) runtime server from SAP NetWeaver Development Studio (NWDS) fails with the below error:

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com.sap.ide.eclipse.deployer.api.APIException: Neither P4 port nor P4 SSL port -1 are reachable.
Solution: 1) Check if the system is up and running Or 2) Check if the access points have been configured correctly in AS Java profiles
at com.sap.ide.eclipse.deployer.dc.DCClientFactoryImpl.checkNewServerInfo(DCClientFactoryImpl.java:274)
Caused by: java.net.ConnectException: Connection timed out: connect
at java.net.DualStackPlainSocketImpl.connect0(Native Method)
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• SAP NetWeaver Application Server Java (AS Java)
• SAP NetWeaver Developer Studio (NWDS)
• Release Independent

Production ABAP R/3 ERP SRM CRM ERP PPM SEM APO XI PI PORTAL Test development QA 609603 1158626 NWDI CTS+ 7.11 JSPM SUM NWDS, com.sap.di.cts.deploy.api.exception.DeployToolCommunicationException, AuthenticationException: , KBA , BC-DWB-JAV-DII , Development Infrastructure Integration , BC-JAS-DPL , Deployment , Problem