Thank you all for your fast response. In the meantime, please give the following steps a try and see if that helps.
1.) Log out and re-login to your Xbox account.
2.) Power off the console and unplug it for min 2 minutes. This will help clear the system cache and network cache on your console.
3.) Restart the modem and router in your home.
4.) Ensure the date and time match your local time: the Guide (press the Xbox button) and navigate to "Profile and System" and select "Settings". Once in settings, head to "Time"
5.) Change DNS settings
Open the guide by pressing the Xbox button on your controller. Select Profile & system > Settings > General > Network Settings. Select Advanced settings from the Network screen options. Select DNS settings. Select Manual. Enter the DNS settings. Fill in 8.8.8.8 for primary and 8.8.4.4 as secondary DNS. Once complete, please try to load and test the game again. Let us know in case of any further issues.