How to fix WordPress plugin update fail - Plugin update failed ?

Alright, so I had some notifications in a WordPress website to update some plugins, which is damn easy in WordPress. Yes, just click update and finish. But no, this time, a new situation had cropped up. On clicking on 'Update' from the interface, I got the message "Update Failed: Plugin update failed". I immediately turned to Google, searched for solutions others have tried for this WordPress plugin update failed error. Here are a few things findings and solution that worked for me.