@hellobkrishna, unfortunately the real cause of the issue here is probably hidden by the 2>/dev/null portion of the last command run here.
I’ve run into issues at this stage before, and running python manage.py lms --settings=production print_setting STATIC_ROOT without the redirect usually shows the true issue.
For me in the past, it’s been due to issues with installed requirements. I fix this by running paver install_prereqs.