adb.exe: error: cannot bind listener: Operation not permitted

Just posting the answer based on what is written in the comments by @user3647475 for anyone who is facing the issue

This issue occurs on AVDs running on android platform api version 29 - I am not sure what is the root cause.

Quick fix is to create & use avd with android platform api version 28, and re-test.

I tested on the android Asus phone running on android platform api version 29 and I did not face this issue.

So seems like there is a problem with the avd/system images made up of android platform api version 29