(Windows) 2021 (ZIP distribution): nuxeoctl start fails with "Could not initialize the packaging subsystem"

Found NUXEO_CONF = C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\bin\nuxeo.conf
Found JAVA_HOME = C:\JDKs\jdk-11.0.7\jdk11.0.7_10
Using JAVA = C:\JDKs\jdk-11.0.7\jdk11.0.7_10\bin\java.exe
        1 fichier(s) copié(s).

C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\bin>"C:\JDKs\jdk-11.0.7\jdk11.0.7_10\bin\java.exe"  "-Xbootclasspath/a:C:\JDKs\jdk-11.0.7\jdk11.0.7_10\lib\tools.jar" -Dlauncher.java.opts="-XX:InitialRAMPercentage=3 -XX:MaxRAMPercentage=25 -Dfile.encoding=UTF-8 -Dmail.mime.decodeparameters=true -Dnet.sf.ehcache.skipUpdateCheck=true -Djava.util.Arrays.useLegacyMergeSort=true -Dsun.net.http.retryPost=false" -Dnuxeo.home="C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old" -Dnuxeo.conf="C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\bin\nuxeo.conf" -Dnuxeo.log.dir="C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\log" -Dlog.id="-19052021_11253691" -jar "C:\Users\pabgrall\AppData\Local\Temp\nuxeo-launcher-17912.jar" start
Nuxeo home:          C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old
Nuxeo configuration: C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\bin\nuxeo.conf
Include template: C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\templates\common-base
Include template: C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\templates\common
Include template: C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\templates\default
Configuration files generation (nuxeo.force.generation=true)...
FreeMarker variables: ignored 'java.version' conflicting with 'java.version.[date]'
Configuration files generated.
Server started with process ID: 11644
Include template: C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\templates\common-base
Include template: C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\templates\common
Include template: C:\CASES\SUP33224\nuxeo-server-tomcat-2021.1.old\templates\default
..............................................................Could not initialize the packaging subsystem
org.nuxeo.launcher.NuxeoLauncherException: Starting process is taking too long - giving up.
        at org.nuxeo.launcher.NuxeoLauncher.waitForEffectiveStart(NuxeoLauncher.java:1777) ~[nuxeo-launcher-17912.jar:?]
        at org.nuxeo.launcher.NuxeoLauncher.doStartAndWait(NuxeoLauncher.java:1609) ~[nuxeo-launcher-17912.jar:?]
        at org.nuxeo.launcher.gui.NuxeoLauncherGUI.lambda$start$3(NuxeoLauncherGUI.java:263) ~[nuxeo-launcher-17912.jar:?]
        at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1128) [?:?]
        at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:628) [?:?]
        at java.lang.Thread.run(Thread.java:834) [?:?]