Cannot create instance of TransparentUpgradeableProxy; no code at address

I am using OZ Upgrades Plugin with truffle to deploy some smart contracts. I have used the script multiple times and it always worked, I just updated some packages and it is behaving in a strange manner now.

The script successfully deploys the Logic contract and the ProxyAdmin, but the deployed TransparentUpgradeableProxy has no code and then it fails.

See logs:

Compiling your contracts...
===========================
> Everything is up to date, there is nothing to compile.



Starting migrations...
======================
> Network name:    'kovan'
> Network id:      42
> Block gas limit: 12500000 (0xbebc20)


3_deploy_marketplace_proxy.js
=============================

   Deploying 'LogicContract'
   --------------------------------
   > transaction hash:    0x0543ddc4d9015df818c8d81c22bb3d20a25e6584955993ec86fd5cdf8ce303a8
   > Blocks: 2            Seconds: 9
   > contract address:    0xeCF7Dd432F9FF6f7a9Ee3841DC7b885bfD3aDa5C
   > block number:        27108304
   > block timestamp:     1631103788
   > account:             0x9A1DD23237304Bb78f2F4f8A389EaA0F2aF895B5
   > balance:             1.956499268384216683
   > gas used:            2983858 (0x2d87b2)
   > gas price:           5 gwei
   > value sent:          0 ETH
   > total cost:          0.01491929 ETH

   Pausing for 2 confirmations...
   ------------------------------
   > confirmation number: 2 (block: 27108306)

   Deploying 'ProxyAdmin'
   ----------------------
   > transaction hash:    0x70c9e4c3712922e1cf9db0eff88ec7d247b06f52f0acfe0e064311e8326596a7
   > Blocks: 2            Seconds: 13
   > contract address:    0x9C6CD8b0C5A893FBA5E5065BAd9ed3118fAB1aaB
   > block number:        27108309
   > block timestamp:     1631103821
   > account:             0x9A1DD23237304Bb78f2F4f8A389EaA0F2aF895B5
   > balance:             1.954079168384216683
   > gas used:            484020 (0x762b4)
   > gas price:           5 gwei
   > value sent:          0 ETH
   > total cost:          0.0024201 ETH

   Pausing for 2 confirmations...
   ------------------------------
   > confirmation number: 1 (block: 27108311)
   > confirmation number: 2 (block: 27108312)

   Deploying 'TransparentUpgradeableProxy'
   ---------------------------------------
   > transaction hash:    0xdd8c91e8fd3af06b79ec004f0ecd2b85aad4b93b7b28201a40db4cbf8eae81d7

Error:  *** Deployment Failed ***

"TransparentUpgradeableProxy" -- Cannot create instance of TransparentUpgradeableProxy; no code at address 0x9F91009db9C67Ba42252D157f3126D79B5a6e8fE.

    at /home/ayush/work/projects/smartcontracts/node_modules/truffle/build/webpack:/packages/deployer/src/deployment.js:365:1
    at runMicrotasks (<anonymous>)
    at processTicksAndRejections (node:internal/process/task_queues:96:5)
    at Object.deploy (/home/ayush/work/projects/smartcontracts/node_modules/@openzeppelin/truffle-upgrades/src/utils/deploy.ts:9:48)
    at deployProxy (/home/ayush/work/projects/smartcontracts/node_modules/@openzeppelin/truffle-upgrades/src/deploy-proxy.ts:63:9)
Truffle v5.4.9 (core: 5.4.9)
Node v16.1.0

:1234: Code to reproduce

await deployProxy(contract, args, { deployer, initializer: "initialize"});

:computer: Environment

Truffle v5.4.9 (core: 5.4.9)
Solidity - 0.5.9 (solc-js)
Node v16.1.0
Web3.js v1.5.2

package.json:

  "dependencies": {
    "@babel/polyfill": "^7.11.5",
    "@openzeppelin/truffle-upgrades": "^1.9.1",
    "@truffle/hdwallet-provider": "^1.5.0",
    "axios": "^0.21.4",
    "bignumber.js": "^9.0.1",
    "bluebird": "^3.7.2",
    "bn.js": "^5.2.0",
    "dotenv": "^10.0.0",
    "fast-csv": "^4.3.6",
    "leveldown": "^6.0.1",
    "linvodb3": "^3.26.0",
    "minimist": "^1.2.5",
    "truffle": "^5.4.9",
    "web3": "^1.5.2"
  },
  "devDependencies": {
    "@babel/core": "^7.15.5",
    "@babel/preset-env": "^7.15.4",
    "@babel/register": "^7.15.3",
    "@openzeppelin/test-helpers": "^0.5.13",
    "@truffle/debugger": "^9.1.14",
    "chai": "^4.3.4",
    "truffle-flattener": "^1.5.0"
  }

Concerned TX: https://kovan.etherscan.io/tx/0xdd8c91e8fd3af06b79ec004f0ecd2b85aad4b93b7b28201a40db4cbf8eae81d7
Contract created: https://kovan.etherscan.io/address/0x9f91009db9c67ba42252d157f3126d79b5a6e8fe#code

Was able to resolve this, there was a failing require check within initialize function.

You mean your custom initialize function, not one in OpenZeppelin code right?