The client could not establish a connection to the remote computer.

Had issues connecting to one of the Windows 2008 R2 Server using RDP. Got the below error:

[Window Title]
Remote Desktop Connection

[Content]
The client could not establish a connection to the remote computer.

The most likely causes for this error are:
1) Remote connections might not be enabled at the remote computer.
2) The maximum number of connections was exceeded at the remote computer.
3) A network error occurred while establishing the connection.
4) The remote computer might not support the required FIPS security level. Please lower the client
side required security level Policy, or contact your network administrator for assistance.

[OK] [Help]

When checked event log, found Event ID 50 Summary: The RDP protocol component X.224 detected an error in the protocol stream and has disconnected the client.

This issues was solved by changing the Security Layer at the RDP stack to RDP Security Layer from Negotiate.
This can be changed by going to Remote Desktop Host Configuration – General

Thanks,
WintelAdmin