Commit is not working: commit checks failed: could not check commit: error in plugin 'Git'

Problem

When the user tries to commit in a git repository, through the IDE UI, the commit fails with the following error:

Commit checks failed
Could not check commit: error in plugin ‘Git’

Committing from the terminal works fine.

Cause

IDE git integration got corrupted.

Resolution

Reinstall the IDE from official website: https://www.jetbrains.com/idea/download (replace /idea/ with other IDEs like /webstorm/, /pycharm/ etc.)