Hello,
Let me give an update on what happened in last 20 days or so. I tried every solution possible and at last support told me to go to a certified service (no Genius Bar in my town). I handed them my MacBook and they started running tests. Few days later they called me and told me they've changed the motherboard without even asking me. Turns out the error was caused because of faulty motherboard (which involves processor and RAM as well). I told them if the motherboard is faulty I want replacement and also exclaimed that they changed it without my permit. The service guys told me to call support. I called support. They told, they couldn't do anything but encouraged me to go to a Genius Bar in a nearby town. I found an opportunity and went to a Genius Bar. They couldn't help me with replacing. They told me they could only replace MacBooks within the first month of purchase (Heck, I've waited a month for the shipment), they also told if it was an iPhone they could've replaced it. So at the end of the day, my MacBook Air had its' motherboard changed. It's been a week and I haven't encountered any problem yet. However, I've been using it lightly because of all the fuss I've gone through.
I've bought this MacBook for music production purposes as I really like Logic Pro. I've lost a month and a half on that front. Other than that I was perfectly ok with my previous windows laptop. I've been using iPhones and iPads since 2012 (various Apple products like AirPods as well), MacBook was by far my worst experience and only big issue I've ever encountered. It makes me sad, to see, it is handled this way. All the support guys/ladies transferred me to each other like a ping pong ball. I don't know how many times I explained my case and got the same recommendations from different support staff. I don't think, whether rare or not, a problem should be handled this way and this slow. I was also frustrated with the support assuming I know nothing about computers. I know there are a lot of people like that. However, when they see I know what I'm talking about they could change their approach angle as well. Nevertheless, I am hopeful that this time I won't encounter any problems and return to my work. I hope others that have this problem would have a better experience than I had.
Cheers,