File Expiration Task Error Windows Server 2016

Question

When running a test file expiration task in Windows Server 2016, File Server Resource manager, I am getting the following error as a dialog box:

The path or object is not valid or does not exist.

But the directory does exist and it should have been expiring files without any issues.

And in event viewer I am getting the following errors:

event ID 8242: SRMVC
Error-specific details: Error: (0x8007000e) Not enough storage is available to complete this operation

event ID 602: SRMREPORTS
Insufficient memory to continue the execution of the program. Context: - Exception encountered = Insufficient memory to continue the execution of the program

event ID 1026: .NET Runtime
Application: srmhost.exe Framework Version: v4.0.30319 Description: The process was terminated due to an unhandled exception. Exception Info: System.OutOfMemoryException

Event ID 1000 Application Error:
srmhost.exe 10.0.14393.4169 5ff78fa4 KERNELBASE.dll 10.0.14393.4770

Our File Server has 16GB of RAM, and 6GB is free, and I cheched for pagefile as well. We have double the size of RAM. I have tried to check directories, cleaning %temp% files, checking if Symantec is blocking something, but everything seems fine. Also, we don't have any quotas or file Screens.

How this issue can be resolved?