Crash on model initialization in iOS application

[akash1301]

Every time I ran the application on Xcode it crashed on the model initialization line. Here are the logs I can share,

Yolact-CoreML(19477,0x102609840) malloc: can't allocate region
:*** mach_vm_map(size=1448378368, flags: 100) failed (error code=3)
Yolact-CoreML(19477,0x102609840) malloc: *** set a breakpoint in malloc_error_break to debug
2021-04-15 19:48:17.678269+0600 Yolact-CoreML[19477:7959564] [espresso] [Espresso::handle_ex_plan] exception=Espresso exception: "Memory error": Memory allocation error 12: 1448370000 bytes status=-4
2021-04-15 19:48:17.679100+0600 Yolact-CoreML[19477:7959564] [coreml] Error in adding network -4.
2021-04-15 19:48:17.681355+0600 Yolact-CoreML[19477:7959564] [coreml] MLModelAsset: load failed with error Error Domain=com.apple.CoreML Code=0 "Error in declaring network." UserInfo={NSLocalizedDescription=Error in declaring network.}
2021-04-15 19:48:17.681411+0600 Yolact-CoreML[19477:7959564] [coreml] MLModelAsset: modelWithError: load failed with error Error Domain=com.apple.CoreML Code=0 "Error in declaring network." UserInfo={NSLocalizedDescription=Error in declaring network.}
Fatal error: 'try!' expression unexpectedly raised an error: Error Domain=com.apple.CoreML Code=0 "Error in declaring network." UserInfo={NSLocalizedDescription=Error in declaring network.}: file Yolact_CoreML/yolact.swift, line 112
2021-04-15 19:48:17.681974+0600 Yolact-CoreML[19477:7959564] Fatal error: 'try!' expression unexpectedly raised an error: Error Domain=com.apple.CoreML Code=0 "Error in declaring network." UserInfo={NSLocalizedDescription=Error in declaring network.}: file Yolact_CoreML/yolact.swift, line 112

Xcode: 12.0
iOS: 13.7

Let me know if anyone has any workaround for this issue.