While trying to run the created Android project, I am getting below error and the project does not launch on the emulator even though the emulator gets launched successfully
You should be able to solve the problem if you try the mentioned steps in this thread: Emulator: audio: Failed to create voice `adc'
Another trick I figured out by myself was to launch the emulator not via Debugging or Execution but from AVD Manager after starting Android Studio.
UPDATE: Mohsins solution seems a better approach because it solved the problem for me.