Unexpected WSL error while installing Docker Desktop for Windows on Laptop with Windows 11 Home Single Language

Getting Error when I am trying to install Docker Desktop for Windows. The error says - Unexpected WSL error
An unexpected error occurred while executing a WSL command.

Either shut down WSL down with wsl --shutdown, and/or reboot your machine. You can also try reinstalling WSL and/or Docker Desktop. If the issue persists, collect diagnostics and submit an issue⁠.

deploying WSL2 distributions
ensuring main distro is deployed: deploying “docker-desktop”: importing WSL distro “Failed to start virtual networking - please install the optional component Virtual Machine Platform by running: wsl.exe --install --no-distribution\r\nError code: Wsl/Service/RegisterDistro/CreateVm/WSL_E_VIRTUAL_MACHINE_PLATFORM_REQUIRED\r\n” output=“docker-desktop”: exit code: 4294967295: running WSL command wsl.exe C:\WINDOWS\System32\wsl.exe --import docker-desktop \AppData\Local\Docker\wsl\main C:\Program Files\Docker\Docker\resources\wsl\wsl-bootstrap.tar --version 2: Failed to start virtual networking - please install the optional component Virtual Machine Platform by running: wsl.exe --install --no-distribution
Error code: Wsl/Service/RegisterDistro/CreateVm/WSL_E_VIRTUAL_MACHINE_PLATFORM_REQUIRED
: exit status 0xffffffff
checking if isocache exists: CreateFile \wsl$\docker-desktop-data\isocache: The network name cannot be found.