I did more R&D and found that it is IBM Java which is not allowing communication over TLS 1.2. The same handshake failure was observed on Linux with IBM Java, though it was successful with Oracle...
Thanks Gull04. I have tried the debug options provided in the link and got to know that there are no ciphers in common to establish a connection.
Also I could see only SSL_* ciphers are enabled. Can...