The issue got resolved!! Now, I am able to use VM properly.
Three changes you may need to apply if you find issue to use VB.
1. Change BIOS and enable Virtualization
2. If you are using 64 bit system then you need to change Guest OS to Ubuntu/Red Hat 64 bit (issue - Kernel requires an x86-64 cpu but only detected an i686 cpu)
3. Net Work Adapter - VB Host Only (URL issue)