Module compiled with Swift 5.2.4 cannot be imported by the Swift 5.3 compiler

I have recently migrated project from Xcode 11.5 to Xcode 12.1.

I am getting following error on building project:
"Module compiled with Swift 5.2.4 cannot be imported by the Swift 5.3 compiler:"

Components details:
Xcode : 12.1
Carthage Version: 0.36.0
Swift Version 4.0

I have tried following things to resolve the problem:

1. Removed carthage folder and did a fresh carthage update.

2. Checked Command Line Tools selected which is Xcode 12.1

3. Removed derived data folder and clean and run the project again

None of this worked for me.
Can anyone help me in resolving problem.

Thanks in Advance!