So I added following boot arguments
i915.enable_gvt=1 i915.nuclear_pageflip=1 i915.avail_planes_per_pipe=0x010101 i915.domain_plane_owners=0x011100001111 i915.enable_guc=0
I do not get any GVT initialization failures but now am getting TPM initialization errors..
I have attached TPM_InitFailed and output from lshw for your reference. Wondering how can I debug this further..