After uninstalling and reinstalling MATLAB thrice, I think I may have found a solution to this problem.
Let me first list out things that don't work:
- Reinstalling MATLAB
- Reinstalling MATLAB in a drive different than the original drive (D:\ instead of C:\ e.t.c.)
- Executing the commands listed in the above answer.
- Regenerating the MATLAB preference folder as instructed in the link provided in the above answer.
Now the solution is pretty simple. This error goes away if the internet connection is turned off when MATLAB/Simulink is opening.
The connection can be turned ON once simulink has opened successfully.
Although this is only a work-around, it seems to be the only way to get around this problem until MathWorks comes up with a solution.