Hi snehiljain,

You mentioned this is a new server with K2 5.0. Is this a new server that you plan to add to your K2 farm? Is the environment setup to use NLB? Were there any recent changes to the environment? Perhaps, the following KB (help.k2.com/kb001571) might help.

Good Morning  Snehiljain,

Please note that the "K2 Service" Account is the account under which the K2 Server runs.  

Navigate to services -> K2 Server -> Properties -> Log On  and perhaps change the log on account to "K2Service". 

Also, the following document ( https://help.k2.com/onlinehelp/k2five/icg/5.0/default.htm#Plan/Required-Permissions.htm%3FTocPath%3DConfigure|_____4 ) is about K2 Five 5.0 specifically, it consists of installation and setup guidelines. See the section "Permissions", and your issue should be fixed after you apply changes according to the document.

I hope this will help you resolve the issue.

Should this post help you resolve the issue, please could you mark it as such by "Accepting as solution" or "Kudo". This will help other fellow community members get help with similar issues.

K2 will not accept any liability for any issues arising from actions taken in respect of the information provided by any forum member.

Thank you.