Media Encoder stuck on 'Ready' when encoding mxf files

Frequently we are finding that Media Encoder is unable to encode when the source video is MXF. It never progresses from a ‘Ready’ status.

Steps to Reproduce:

• Create a new project in Premiere with the MXF loaded
• File -> Export -> Send to Media Encoder
• Go to ME
• Start  Queue
• Start button becomes a ‘Pause’ button
• The job stays in a ‘Ready’ status and does not encode (screenshot attached)

Tested using Premiere 23.6 & 24.0 and ME 23.6 & 24.0.2 on a VM with spec:

• Windows OS 11
• NVIDIA Tesla T4 16GB Graphics Card
• 28GB RAM
• AMD EPYC 7V12 4-core 2.65ghz CPU
• (also on laptop with much reduced spec)

The test was to encode as H.264 mp4 format, preset - match source. Changing encode options / presets doesn’t seem to have any effect.

I've attached the media info for an mxf file that we used to replicate.  

We found various community posts with a similar sounding problem but none of the fixes worked.