MacOS Catalina kernel panic when previewing project in AE 2020

Am working on a Project in AE 2020 on the new Macbook Pro 16 running MacOS Catalina Version 10.15.2,  however I have gotten kernel panics at least 5 times in last 2 days when previewing the project even in quarter resolution and computer involutarily reboots. I have no idea what would be causing this.

The Macbook Pro is relatively new (bought it a month ago) and below are its specs:

MacBook Pro (16-inch, 2019)

Processor: 2.3 GHz 8-Core Intel Core i9

Memory: 16 GB 2667 MHz DDR4

Graphics: AMD Radeon Pro 5500M 8 GB and Intel UHD Graphics 630 1536 MB

The same Project was running smoothly with no issues on an old Macbook Pro 15" Late 2014 Retina running MacOS Sierra that I just migrated from.

Any help will be much appreciated!