MATLAB throws error while trying to open after a fresh install

I have freshly installed MATLAB 2021a on my Win 10 machine. The installation process was smooth, at the end I got the Successfully installed MATLAB message and at the bottom of that it said I would be needed to install a certain compilers. I thought that was something that I'll be able to install from the Addon manager in MATLAB and hence ignored it.

After this, the first time I opened MATLAB I got the following error:

Java exception occured: java.lang.NoClassDefFoundError: Could not initialize class com.mathworks.mde.desk.MLDesktop

After I closed this error, I tried openign MATLAB again, I get the following error:

Internal Error: Failure occurs during Desktop startup. Details: Failure loading Desktop class.

I have tried opening it in the nodesktop mode from the command prompt and I get the following errrors and then it crashes:

PostVMInit failed to initialize com.mathworks.mwswing.MJStartupForDesktop

PostVMInit failed to initialize com.mathworks.mwswing.MJStartup

java.lang.NoClassDefFoundError: java.awt.Component

at javax.swing.ImageIcon$2.run(ImageIcon.java:130)

at javax.swing.ImageIcon$2.run(ImageIcon.java:128)

at java.security.AccessController.doPrivileged(Native Method)

at javax.swing.ImageIcon.createNoPermsComponent(ImageIcon.java:127)

at javax.swing.ImageIcon.access$000(ImageIcon.java:69)

at javax.swing.ImageIcon$1.run(ImageIcon.java:103)

at javax.swing.ImageIcon$1.run(ImageIcon.java:100)

at java.security.AccessController.doPrivileged(Native Method)

at javax.swing.ImageIcon.<clinit>(ImageIcon.java:100)

at com.mathworks.common.icons.IconEnumerationUtils.getIconFromCache(IconEnumerationUtils.java:368)

at com.mathworks.common.icons.IconEnumerationUtils.getIcon(IconEnumerationUtils.java:322)

at com.mathworks.common.icons.IconEnumerationUtils.getIcon(IconEnumerationUtils.java:263)

at com.mathworks.common.icons.IconEnumerationUtils.getIcon(IconEnumerationUtils.java:223)

at com.mathworks.common.icons.IconEnumerationUtils.getIcon(IconEnumerationUtils.java:219)

at com.mathworks.common.icons.MoveIcon.getIcon(MoveIcon.java:48)

at com.mathworks.widgets.desk.Desktop.<clinit>(Desktop.java:165)

at java.lang.Class.forName0(Native Method)

at java.lang.Class.forName(Class.java:264)

at com.mathworks.toolstrip.plaf.TSLookAndFeel.install(TSLookAndFeel.java:29)

at com.mathworks.toolstrip.plaf.TSLookAndFeel.<clinit>(TSLookAndFeel.java:18)

at java.lang.Class.forName0(Native Method)

at java.lang.Class.forName(Class.java:264)

at com.mathworks.util.PostVMInit$StartupClass.init(PostVMInit.java:166)

at com.mathworks.util.PostVMInit.perform(PostVMInit.java:197)

PostVMInit failed to initialize com.mathworks.toolstrip.plaf.TSLookAndFeel

To get started, type doc.

For product information, visit www.mathworks.com.

Warning: Initializing Java preferences failed in matlabrc.

This indicates a potentially serious problem in your MATLAB setup, which should be resolved as soon as possible. Error detected was:

MATLAB:Java:GenericException

Could not find java/awt/Component