Canvas Installation Error: rake aborted! NameError: uninitialized constant UploadIO

[a4aravind]

I have encountered a weird error for the first time while installing Canvas from our own git repository
on this step:

RAILS_ENV=production bundle exec rake db:initial_setup
or
RAILS_ENV=production bundle exec rake canvas:compile_assets

These are the software versions installed till this step:
psql - 12
git - 2.25.1
ruby - 2.6.6
bundler - 2.2.11
yarn - 1.19.1
node - 14.16.1
apache - 2.4.41
npm - 7.12.0

Error logs:

RAILS_ENV=production bundle exec rake canvas:compile_assets --trace
rake aborted!
NameError: uninitialized constant UploadIO
/var/canvas/vendor/bundle/ruby/2.6.0/gems/faraday-0.17.6/lib/faraday/upload_io.rb:74:in `<module:Faraday>'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/faraday-0.17.6/lib/faraday/upload_io.rb:15:in `<top (required)>'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/faraday-0.17.6/lib/faraday.rb:79:in `block in require_libs'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/faraday-0.17.6/lib/faraday.rb:78:in `each'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/faraday-0.17.6/lib/faraday.rb:78:in `require_libs'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/faraday-0.17.6/lib/faraday.rb:241:in `<module:Faraday>'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/faraday-0.17.6/lib/faraday.rb:16:in `<top (required)>'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/ims-lti-2.3.0/lib/ims/lti.rb:3:in `<top (required)>'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/ims-lti-2.3.0/lib/ims.rb:2:in `<module:IMS>'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/ims-lti-2.3.0/lib/ims.rb:1:in `<top (required)>'
/var/lib/gems/2.6.0/gems/bundler-2.2.11/lib/bundler/runtime.rb:66:in `require'
/var/lib/gems/2.6.0/gems/bundler-2.2.11/lib/bundler/runtime.rb:66:in `block (2 levels) in require'
/var/lib/gems/2.6.0/gems/bundler-2.2.11/lib/bundler/runtime.rb:61:in `each'
/var/lib/gems/2.6.0/gems/bundler-2.2.11/lib/bundler/runtime.rb:61:in `block in require'
/var/lib/gems/2.6.0/gems/bundler-2.2.11/lib/bundler/runtime.rb:50:in `each'
/var/lib/gems/2.6.0/gems/bundler-2.2.11/lib/bundler/runtime.rb:50:in `require'
/var/lib/gems/2.6.0/gems/bundler-2.2.11/lib/bundler.rb:173:in `require'
/var/canvas/config/application.rb:38:in `<top (required)>'
/var/canvas/Rakefile:6:in `require'
/var/canvas/Rakefile:6:in `<top (required)>'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/rake_module.rb:29:in `load'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/rake_module.rb:29:in `load_rakefile'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/application.rb:703:in `raw_load_rakefile'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/application.rb:104:in `block in load_rakefile'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/application.rb:186:in `standard_exception_handling'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/application.rb:103:in `load_rakefile'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/application.rb:82:in `block in run'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/application.rb:186:in `standard_exception_handling'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/lib/rake/application.rb:80:in `run'
/var/canvas/vendor/bundle/ruby/2.6.0/gems/rake-13.0.3/exe/rake:27:in `<top (required)>'
/var/canvas/vendor/bundle/ruby/2.6.0/bin/rake:23:in `load'
/var/canvas/vendor/bundle/ruby/2.6.0/bin/rake:23:in `<main>'

Please help as early as possible.
Thanks in advance !!!