Later we follow the "Hyper-V virtual machine may not start, and you receive a “‘General access denied error’ (0x80070005)” error message" to successfully resolve the issue.
Solution is to grant each VM to access its VM files and directories.
icacls <Path of .vhd or .avhd file> /grant "NT VIRTUAL MACHINE\<Virtual Machine ID from step 1>":(F)
To grant permission to virtual machine folder and its children:
icacls "D:\Hyper-V\Virtual Machine" /grant "NT VIRTUAL MACHINE\DDEA27BF-EBCA-49D6-B0BC-F89D83B1FCA4":(OI)(CI)F