unable to connect to WPA2 enterprise network

[Payas Rajan]

While connecting to WPA2 Enterprise/PEAP/GTC on Ubuntu 16.04, wpasupplicant-2.4, the following error occurs:

wpa_supplicant[917]: wlp4s0: CTRL-EVENT-EAP-STARTED EAP authentication started
Jun 27 21:20:34 lhost NetworkManager[11758]: <info> [1467087634.8434] device (wlp4s0): supplicant interface state: disconnected -> authenticating
Jun 27 21:20:34 lhost NetworkManager[11758]: <info> [1467087634.8485] device (wlp4s0): supplicant interface state: authenticating -> associated
Jun 27 21:20:34 lhost wpa_supplicant[917]: wlp4s0: CTRL-EVENT-EAP-PROPOSED-METHOD vendor=0 method=4 -> NAK
Jun 27 21:20:34 lhost wpa_supplicant[917]: wlp4s0: CTRL-EVENT-EAP-PROPOSED-METHOD vendor=0 method=25
Jun 27 21:20:34 lhost wpa_supplicant[917]: OpenSSL: tls_connection_ca_cert - Failed to load root certificates error:02001002:system library:fopen:No such file or directory
Jun 27 21:20:34 lhost wpa_supplicant[917]: OpenSSL: pending error: error:2006D080:BIO routines:BIO_new_file:no such file
Jun 27 21:20:34 lhost wpa_supplicant[917]: OpenSSL: pending error: error:0B084002:x509 certificate routines:X509_load_cert_crl_file:system lib
Jun 27 21:20:34 lhost wpa_supplicant[917]: OpenSSL: tls_load_ca_der - Failed load CA in DER format error:02001002:system library:fopen:No such file or directory
Jun 27 21:20:34 lhost wpa_supplicant[917]: OpenSSL: pending error: error:20074002:BIO routines:FILE_CTRL:system lib
Jun 27 21:20:34 lhost wpa_supplicant[917]: OpenSSL: pending error: error:0B06F002:x509 certificate routines:X509_load_cert_file:system lib
Jun 27 21:20:34 lhost wpa_supplicant[917]: TLS: Failed to set TLS connection parameters
Jun 27 21:20:34 lhost wpa_supplicant[917]: EAP-PEAP: Failed to initialize SSL.
Jun 27 21:20:34 lhost wpa_supplicant[917]: wlp4s0: EAP: Failed to initialize EAP method: vendor 0 method 25 (PEAP)
Jun 27 21:20:34 lhost kernel: [19129.591445] wlp4s0: Limiting TX power to 15 dBm as advertised by 58:f3:9c:f1:8c:be
Jun 27 21:20:35 lhost wpa_supplicant[917]: wlp4s0: CTRL-EVENT-EAP-FAILURE EAP authentication failed
Jun 27 21:20:37 lhost wpa_supplicant[917]: wlp4s0: Authentication with 58:f3:9c:f1:8c:be timed out.

The connection fails and prompt for username/password appears again.