Hello @bibin smb ,
Thanks for the question and using MS Q&A platform.
Seems like you've exhausted the quota for a resource in that region. Azure subscriptions have a public IP address limit which restricts the number of public IP addresses you can use. This is a hard limit.
To overcome this issue, you can either free up resources in your subscription or request a quota increase for your account by opening an Azure Support ticket. If you are not able to resolve the issue even after removing the resources, please let us know.
Other option you could try is delete/free-up resources and try creating ADB workspace in a different region and see if that resolves the issue.
Here is the relevant document related to this issue:
Hope this info helps. Do let us know how it goes.
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