Jdeveloper integrated server issue: Unable to create a server socket for listening on channel "Default". Cannot assign requested address: JVM_Bind

Unable to create a server socket for listening on channel "Default". The address xxx.xx.xxx.xxx might be incorrect or another process is using port 7101: java.net.BindException: Cannot assign requested address: JVM_Bind.

Server failed. Reason: Server failed to bind to any usable port

Solution to overcome this error is simple two step process.

Step1: Rename the folder JDeveloper  under :\Users\xyz\AppData\Roaming\ to something else. 
Note: AppData folder is a hidden folder in windows.

Step 2: Restart your JDeveloper and start the integrated server, this will prompt the user to create the DefaultDomain with new parameters. Users can enter the following parameters once again and configure the defaultDomain all over again.

Address : User will be provided with a drop down with following values
        a) 127.0.0.1
        b) localhost
        c) IP address 

Port: 7101, 7001 or any desirable port.

These settings will let you re-configure the DefaultDomain or IntegratedDefaultDomain.

Note: This will create a new folder :\Users\xyz\AppData\Roaming\JDeveloper.