CredDB.CEF not found

I am getting this error on running a C# project

Could not find file 'C:\*\Documents\Visual Studio 2015\Projects\*\bin\ar\CredDB.CEF'.

This is happening in multiple projects. Not much help is available online regarding this issue. Does anybody has an idea?

Stack Trace:

[FileNotFoundException: Could not find file 'C:\*\Documents\Visual Studio 2015\Projects\*\bin\ar\CredDB.CEF'.]
   System.IO.__Error.WinIOError(Int32 errorCode, String maybeFullPath) +519
   System.IO.FileInfo.get_Length() +12977229
   System.Web.Util.HashCodeCombiner.AddExistingFile(String fileName) +171
   System.Web.Util.HashCodeCombiner.AddDirectory(String directoryName) +302
   System.Web.Util.HashCodeCombiner.AddDirectory(String directoryName) +369
   System.Web.Compilation.BuildManager.CheckTopLevelFilesUpToDateInternal(Int64 cachedHash) +352
   System.Web.Compilation.BuildManager.CheckTopLevelFilesUpToDate(Int64 cachedHash) +51
   System.Web.Compilation.BuildManager.ExecutePreAppStart() +135
   System.Web.Hosting.HostingEnvironment.Initialize(ApplicationManager appManager, IApplicationHost appHost, IConfigMapPathFactory configMapPathFactory, HostingEnvironmentParameters hostingParameters, PolicyLevel policyLevel, Exception appDomainCreationException) +549

[HttpException (0x80004005): 'C:\*\Documents\Visual Studio 2015\Projects\*\bin\ar\CredDB.CEF'.]
   System.Web.HttpRuntime.FirstRequestInit(HttpContext context) +10075124
   System.Web.HttpRuntime.EnsureFirstRequestInit(HttpContext context) +95
   System.Web.HttpRuntime.ProcessRequestNotificationPrivate(IIS7WorkerRequest wr, HttpContext context) +254

Update:

Dell Encryption Tool was pre-installed in the laptop and after a windows update, it started behaving inappropriately. On tracking the encryption logs, got to know that the shield service is not properly starting on the endpoint:

[03.12.19 13:40:57:329       NTUtils.cpp: 1555 E] [SUPPORT] [E] The Shield service is not running!  Attempting to restart. Current service state = 1

Upgrading the Dell Encryption resolved the problem.

If you are a Dell Employee, and this is happening with you, raise an incident under Service Now and select DDPE as Application.

The Resolution to this is to Install the Dell Data Encryption Repair Tool.

This will probably be available in the Software Center(for Dell Internal users) or on Dell.com software downloads sections(for external users).