3491904 - "Check backup readiness" error during Backup console access

We are not able to access any options from the Backup and Recovery of SYSTEMDB and tenant DB. We are getting "An internal error occurred during: "Check backup readiness".
java.lang.IllegalArgumentException" error.

Parameters set as recommended which can be validated as below:

The HANA Studio log (.log file) captures the error as follows: 

!ENTRY org.eclipse.core.jobs 4 2 2024-11-17 20:35:19.532
!MESSAGE An internal error occurred during: "Check backup readiness".
!STACK 0
java.lang.IllegalArgumentException
  at com.sap.ndb.studio.backup.util.PathHelper.expandPath(PathHelper.java:82)
  at com.sap.ndb.studio.backup.env.BnREnvironmentPopulatorJDBC.createPathWithExpandedDBName(BnREnvironmentPopulatorJDBC.java:294)
  at com.sap.ndb.studio.backup.env.BnREnvironmentPopulatorJDBC.retrieve(BnREnvironmentPopulatorJDBC.java:151)
  at com.sap.ndb.studio.backup.commands.BackupReadinessJob.retrieveEnvironment(BackupReadinessJob.java:259)
  at com.sap.ndb.studio.backup.commands.BackupReadinessJob.run(BackupReadinessJob.java:139)
  at org.eclipse.core.internal.jobs.Worker.run(Worker.java:63)

 "Image/data in this KBA is from SAP internal systems, sample data, or demo systems. Any resemblance to real data is purely coincidental."

SAP HANA, platform edition 2.0

backup console, hana studio, Check backup readiness, basepath_logbackup, basepath_databackup, basepath_catalogbackup , KBA , HAN-STD-ADM-BAC , SAP HANA Studio Backup & Recovery , HAN-DB-BAC , SAP HANA Backup & Recovery , Problem