"Failed to post simple key entity" error on posting Business Component parameters

Hi,

Please find below my code to post parameters for a Business Component. I am getting the "Failed to post simple key entity" error. I have already tried the solution of changing vbNull to NULL. Any help will be appreciated. Thanks in advance. The error happens in the line  objQcComponentParam.Post"

Weird thing is that this works in one environment and it does not work in another. :(

 
     Dim objQcComponentFolder : Set objQcComponentFolder = objQcComponentFolderFactory.FolderByPath(strComponentPath)
     Dim objQcComponentFactory : Set objQcComponentFactory = objQcComponentFolder.ComponentFactory
     Dim objQcComponent : Set objQcComponent = objQcComponentFactory.AddItem(Null)
    
     objQcComponent.Name = strComponentName
     objQcComponent.Field("CO_DESC") = strComponentDescription
     objQcComponent.ScriptType = "QT-SCRIPTED"
     
     HandleComponentDuplication objQcComponent, strComponentName, strComponentDescription
     
     Dim objQcComponentParamFactory : Set objQcComponentParamFactory = objQcComponent.ComponentParamFactory
     Dim strComponentParameter, objQcComponentParam
     For Each strComponentParameter In garrComponentParameters
         Set objQcComponentParam = objQcComponentParamFactory.AddItem(Null)
         objQcComponentParam.IsOut = 0   '0 implies False
         objQcComponentParam.Name = strComponentParameter
         objQcComponentParam.Desc = strComponentParameter
         objQcComponentParam.ValueType = "String"
         objQcComponentParam.Order = 1
         objQcComponentParam.Post
     Next
          objQcComponent.Post