After booting into PXE, selecting the required task sequence, and entering the required password, the below error screen appears:

An Error occurred while retrieving policy for this computer (0x80004005). For more information, contact your system administrator or helpdesk operator.

TS Error-0x80004005-WMarked

 

Followed by a reboot, only to be back to the same error. The log file presented the below error:

reply has no message header marker
Failed to get client identity (80004005)
Failed to read client identity (Code 0x80004005)
Exiting with return code 0x80004005
Execution complete.
RegOpenKeyExW failed for Software\Microsoft\SMS\Task Sequence
GetTsRegValue() failed. 0x80070002.

Solution: After some unnecessary and failed troubleshooting attempts, checking the bios for the failing systems prompted to something similar and rather unusual: The system time in bios was not accurate. Once corrected, and retried, the task sequence executed successfully.