Taskomatic service failing to start with error message 'java.net.BindException: Address already in use'

Issue

• Taskomatic service failing to start with following error message

FATAL  | jvm 1    | 2013/10/12 03:27:30 | java.net.BindException: Address already in use
java.lang.RuntimeException: java.net.BindException: Address already in use
        at com.redhat.rhn.taskomatic.TaskoXmlRpcServer.start(TaskoXmlRpcServer.java:83)
        at com.redhat.rhn.taskomatic.core.SchedulerKernel.<init>(SchedulerKernel.java:107)
        at com.redhat.rhn.taskomatic.core.TaskomaticDaemon.onStartup(TaskomaticDaemon.java:98)
        at com.redhat.rhn.taskomatic.core.BaseDaemon.startupWithOptions(BaseDaemon.java:189)
        at com.redhat.rhn.taskomatic.core.BaseDaemon.start(BaseDaemon.java:54)
        at org.tanukisoftware.wrapper.WrapperManager$11.run(WrapperManager.java:3082)
Caused by: java.net.BindException: Address already in use
        at java.net.PlainSocketImpl.bind(PlainSocketImpl.java:415)
        at java.net.ServerSocket.bind(ServerSocket.java:330)
        at java.net.ServerSocket.bind(ServerSocket.java:288)
        at com.redhat.rhn.taskomatic.TaskoXmlRpcServer.start(TaskoXmlRpcServer.java:79)
        ... 5 more