Error when using After Effects with Adobe Camera Raw version 11.1

Issue

After installing the Adobe Camera Raw 11.1 update, when you import a camera raw file (.DNG, .CR2, .NEF, and so on) into After Effects, you see the following error message "internal verification failure, sorry! {no current context}"

Solution

To resolve this issue, update to After Effects version 16.0.1

Note:

If you want to use version of After Effects prior to 16.0.1, revert to Adobe Camera Raw version 11.0