Hello,
I have managed to figure out myself. Looks like, I had to run the installation as a local administrator user that, I have specified at the time of creating virtual machine. The username for the local administrator should be passed with the following format:
<Virtual_Machine_Name>\<User_ID>
Don't need to add '@<domain_name>' as a suffix for User_ID. I specified User_ID with suffix as a local administrator to virtual machine and that was what, I was using as a username on the elevated user credentials login dialog.
Kind regards,
Misbah