An error while executing `VBoxManage` while installing r8 VM

I am trying to install a LAMP VM using r8 and vagrant. After the download, on executing vagrant up the following error is encountered. Also, Windows keeps prompting Do you want to let Virtual Box make changes on the device?. Even allowing it does not work. Based on another answer I also tried to reload Virtual Box but that doesn't seem to work. I do have another VM installed on Vagrant, which is shut down.

==> default: Checking if box 'bento/ubuntu-16.04' is up to date... ==> default: Clearing any previously set network interfaces... 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: Operation canceled by the user VBoxManage.exe: error: Details: code E_FAIL (0x80004005), component VirtualBoxWrap, interface IVirtualBox VBoxManage.exe: error: Context: "enum RTEXITCODE __cdecl handleCreate(struct HandlerArg *)" at line 94 of file VBoxManageHostonly.cpp