MFTF vendor/bin/mftf generate:tests show error of connection timeout in magento 2.4

Question

I am doing setup of MFTF (for M2.4.1 ) so my standalone server My magento is inside a folder so the url is like : http://ip/m2-mftf/ When I hit http://ip/m2-mftf/magento_version this shows me Magento/2.4 (Community) as result on browser. But when I hit vendor/bin/mftf generate:tests It shows me error in MFTF.log as below:

[2021-04-29 13:15:02] Magento\FunctionalTestingFramework\Util\ModuleResolver.INFO: Fetching version information. {"url":"http://<ip>/m2-mftf/magento_version"} []
[2021-04-29 13:17:11] Magento\FunctionalTestingFramework\Util\ModuleResolver.INFO: version information {"version":"No version information available."} []
[2021-04-29 13:19:22] Magento\FunctionalTestingFramework\DataTransport\Protocol\CurlTransport.ERROR: Failed to connect to <ip> port 80: Connection timed out []

Site is working fine on browser, All info. is correct in app/etc/evn.php & .env in dev/tests/acceptance folder.