Hi Tauseef,
The error message looks to be technical which can be best checked from backend. However, simple check is to verify scn_count_max. If you did not set in the global configuration then system takes the de-fault value of 3. Please check how many versions are there in your system for all planning areas.
Also as mentioned by Irmi, you need to initialize version from the base version by version copy function.
Regards
Rinju