@Srikanth GI've seen the same error a lot the last days. When the management extension starts installing an application, it has 60 minutes to complete. If it doesn't complete in this timeframe, you can get an error like this. In my case the download was very, very slow causing the timeout.
Try to collect to logs from Intune to see what's going on (C:\ProgramData\Microsoft\IntuneManagementExtension\Logs\).