SCVMM 2016: SQL database failure when adding storage provider

SCVMM 2016 version: 4.0.1968.10, SQL Server 2012 SP3: 11.0.6020

SQL installed on a different machine

While adding a stroage provider, the job throws error:

Error (20413)
VMM encountered a critical exception and created an exception report at C:\ProgramData\VMMLogs\SCVMM.3489304f-2032-4979-aad4-891711d96841\report.txt.

The report.txt has following (part of the file)

----------------------------------------------------
------------------- Error Report -------------------
----------------------------------------------------
Error report created 1/18/2017 3:46:33 AM
CLR is not terminating

----------------------------------------------------
--------------- Bucketing Parameters ---------------
----------------------------------------------------
EventType=VMM20
P1(appName)=vmmservice.exe
P2(appVersion)=4.0.1968.10
P3(assemblyName)=Utils.dll
P4(assemblyVer)=4.0.1968.0
P5(methodName)=Microsoft.VirtualManager.DB.SqlRetryCommand.ExecuteNonQuery
P6(exceptionType)=Microsoft.VirtualManager.DB.CarmineSqlException
P7(callstackHash)=9e7d

SCVMM Version=4.0.1968.10
SCVMM flavor=C-buddy-RTL-AMD64
Default Assembly Version=4.0.1968.0
Executable Name=vmmservice.exe
Executable Version=4.0.1968.0
Base Exception Target Site=140733768080216
Base Exception Assembly name=System.Data.dll
Base Exception Method Name=System.Data.SqlClient.SqlConnection.OnError
Exception Message=Unable to connect to the VMM database because of a general database failure.
Ensure that the SQL Server is running and configured correctly, then try the operation again.
EIP=0x00007fff397e7788
Build bit-size=64


----------------------------------------------------
------------ exceptionObject.ToString() ------------
----------------------------------------------------
Microsoft.VirtualManager.DB.CarmineSqlException: Unable to connect to the VMM database because of a general database failure.
Ensure that the SQL Server is running and configured correctly, then try the operation again. ---> System.Data.SqlClient.SqlException: Cannot insert the value NULL into column 'Address', table 'VirtualManagerDB.dbo.tbl_ST_StorageEndpoint'; column does not allow nulls. INSERT fails.
The statement has been terminated.
   at System.Data.SqlClient.SqlConnection.OnError(SqlException exception, Boolean breakConnection, Action`1 wrapCloseInAction)
   at System.Data.SqlClient.TdsParser.ThrowExceptionAndWarning(TdsParserStateObject stateObj, Boolean callerHasConnectionLock, Boolean asyncClose)
   at System.Data.SqlClient.TdsParser.TryRun(RunBehavior runBehavior, SqlCommand cmdHandler, SqlDataReader dataStream, BulkCopySimpleResultSet bulkCopyHandler, TdsParserStateObject stateObj, Boolean& dataReady)
   at System.Data.SqlClient.SqlCommand.FinishExecuteReader(SqlDataReader ds, RunBehavior runBehavior, String resetOptionsString, Boolean isInternal, Boolean forDescribeParameterEncryption)
   at System.Data.SqlClient.SqlCommand.RunExecuteReaderTds(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, Boolean async, Int32 timeout, Task& task, Boolean asyncWrite, Boolean inRetry, SqlDataReader ds, Boolean describeParameterEncryptionRequest)
   at System.Data.SqlClient.SqlCommand.RunExecuteReader(CommandBehavior cmdBehavior, RunBehavior runBehavior, Boolean returnStream, String method, TaskCompletionSource`1 completion, Int32 timeout, Task& task, Boolean& usedCache, Boolean asyncWrite, Boolean inRetry)
   at System.Data.SqlClient.SqlCommand.InternalExecuteNonQuery(TaskCompletionSource`1 completion, String methodName, Boolean sendToPipe, Int32 timeout, Boolean& usedCache, Boolean asyncWrite, Boolean inRetry)
   at System.Data.SqlClient.SqlCommand.ExecuteNonQuery()
   at Microsoft.VirtualManager.DB.SqlRetryCommand.ExecuteNonQuery()
   --- End of inner exception stack trace ---
   at Microsoft.VirtualManager.DB.SqlRetryCommand.ExecuteNonQuery()
   at Microsoft.VirtualManager.Engine.ImageLibrary.StrgEndpoint.AddOrUpdateDB(IVmmDbTransaction tx)
   at Microsoft.VirtualManager.Engine.ImageLibrary.StrgLibObjectBase.AddOrUpdateObjectInDB(IVmmDbTransaction tx)
   at Microsoft.VirtualManager.Engine.ImageLibrary.LibObjectBase.UpdateDB(Boolean audit, IVmmDbTransaction tx)
   at Microsoft.VirtualManager.Engine.ImageLibrary.StrgLibObjectContainerBase.UpdateChildObjects(IVmmDbTransaction tx)
   at Microsoft.VirtualManager.Engine.ImageLibrary.LibObjectBase.UpdateDB(Boolean audit, IVmmDbTransaction tx)
   at Microsoft.VirtualManager.Engine.Deployment.SetStorageArraySubtask.<>c__DisplayClass14.<RunSubtask>b__7(IVmmDbTransaction _tx)
   at Microsoft.VirtualManager.DB.SqlContext.Transact(CallSite callSite, String connectionString, WindowsIdentity identity, Action`1 action)
   at Microsoft.VirtualManager.DB.TransactableDbContext.Microsoft.VirtualManager.DB.IVmmDbConnection.Transact(Action`1 action)
   at Microsoft.VirtualManager.Engine.Deployment.SetStorageArraySubtask.RunSubtask(IVmmDbConnection dbConnection)
   at Microsoft.VirtualManager.Engine.TaskRepository.SubtaskBase.Run(IVmmDbConnection dbConnection)
   at Microsoft.VirtualManager.Engine.Deployment.SetStorageProviderSubtask.RunSubtask(IVmmDbConnection dbConnection)
   at Microsoft.VirtualManager.Engine.TaskRepository.SubtaskBase.Run(IVmmDbConnection dbConnection)
   at Microsoft.VirtualManager.DB.SqlContext.Connect(Action`1 action)
   at Microsoft.VirtualManager.Engine.TaskRepository.Task`1.SubtaskRun(Object state)
*** Carmine error was: DatabaseFailure (2605); SQLServer;

I see that a similar error was seen in SCVMM 2012 R2 too:

https://social.technet.microsoft.com/Forums/systemcenter/en-US/6a09ed10-d915-427e-b0a8-03517aa5b502/scvmm-2012-r2-ur01-unable-to-refresh-storage-providers?forum=virtualmachingmgrhyperv

Has anyone faced similar issue and found a solution? Your help is appreciated.