ASP.Net 4.7.2 application - IIS 10 - Forms authentication - Logging out intermittently with Event code - 4007 (URL authorization failed for the request)

Question

We are facing intermittent logout issue(all logged in users redirects to application warning page) sometimes after 3 mins of browsing or sometimes user can able to browse for 10-15 minutes before automatically log out,
In event viewer application logs, we can able to see below error message -

• <Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event">
• <System>
  <Provider Name="ASP.NET 4.0.30319.0" />
  <EventID Qualifiers="16384">1314</EventID>
  <Level>4</Level>
  <Task>3</Task>
  <Keywords>0x80000000000000</Keywords>
  <TimeCreated SystemTime="2022-12-30T11:39:52.0279073Z" />
  <EventRecordID>192108</EventRecordID>
  <Channel>Application</Channel>
  <Computer>[server]</Computer>
  <Security />
  </System>
• <EventData>
  <Data>4007</Data>
  <Data>URL authorization failed for the request.</Data>
  <Data>12/30/2022 11:39:52 AM</Data>
  <Data>12/30/2022 11:39:52 AM</Data>
  <Data>6ba458b79a1e4c8aa1b585e83a374746</Data>
  <Data>2284</Data>
  <Data>19</Data>
  <Data>0</Data>
  <Data>/LM/W3SVC/1/ROOT/IRC-1-133168574958034020</Data>
  <Data>Full</Data>
  <Data>/IRC</Data>
  <Data>D:\Program Files\Approva\BizRights\BizRightsPresentation\</Data>
  <Data>BWT13683003</Data>
  <Data />
  <Data>3276</Data>
  <Data>w3wp.exe</Data>
  <Data>IUSER[user]</Data>
  <Data>https://[servername]/IRC/ExceptionBrowser/ExceptionBrowseL1.aspx</Data>
  <Data>/IRC/ExceptionBrowser/ExceptionBrowseL1.aspx</Data>
  <Data>10.2.17.57</Data>
  <Data>01105385</Data>
  <Data>True</Data>
  <Data>Forms</Data>
  <Data>IUSER[user]</Data>
  </EventData>
  </Event>

This issue starts when window (windows server 2016) patches are installed on application server on November 17, 2022, looks like application pool is getting reset and which is causing this issue but not found any logs related to it in event viewer system logs. Also IIS timeout setting for Session state is set to the max value (240 minutes).

Is anyone observed similar issue for ASP.net application and any solution for this issue.

System details -
Windows Server 2016
IIS 10
.Net framework - 4.7.2