Hi @gaurav.shankar,
First, make sure your UFT 12.01 client machine has patch UFT_00104 installed.
Next, make sure you are using ALM/QC version 11.52, 12.00, or 12.01, as these are the only versions UFT 12.01 is allowed to integrate with. Otherwise, you will need to change either your UFT or ALM/QC version.
If the error persists, try refreshing your ALM/QC client components and connectivity with UFT by following these steps:
1) Involve your system administrator and make sure all steps are performed with administrator rights on the affected client machine.
2) Download, unzip, and run the ALM Client Uninstall Utility (available from your HP support vender; ask for HP KB KM1400068) and run an EXTENDED/FULL CLEANUP on the affected client machine. This will clean your ALM client components.
3) Navigate to the ALM URL to reload the ALM client components fresh from the server (or if your company uses the MSI Client Installer, you may use that instead).
4) Log into ALM > Help > ALM Tools
5) From the ALM Tools page, select ''HP ALM Connectivity'' and download/run on the affected client machine. You should receive an ''Installation Successful'' message (click the ''This program installed correctly'' option in the Windows dialog box if it appears).
6) Open the ALM Tools page again and select ''HP ALM Client Registration'' > ''Register HP ALM.''
7) Make sure the machine/user has the minimum required permissions for working with UFT and ALM (check the UFT installation guide).
8) In Windows, go to %LOCALAPPDATA% and go to {user}AppDataLocalHPUFT.
9) In the UFT folder, the file ''utt.config.LastQcConnection.xml'' contains the details for the QC/ALM connection. Backup and rename this file.
10) Open UFT and go to Tools > Options > GUI Testing > Test Runs > Make sure ''Allow other HP products to run tests and components'' is selected. Click OK.
11) In UFT, go to ALM > ALM Connection and try to connect to the correct ALM server URL.
Hope this helps.