Dear respected Madhukumara,
Good day! Thank you for posting to Microsoft Community. We are happy to help you.
As per your description and error message, generally If the file from a different author than the current user, that can also cause this problem and can be fixed by changing file ownership and editing privileges as an administrator.
Can I confirm, are you able to save the document if you select a different folder into which to save it, and with a different file name?
To check if this error occur due to file name is conflicting (especially for shared/already created files), may I know have you tried to use a different filename or save the file in another format. When saving your document, try both the Save and Save As features. Restarting Word and your PC and then try to access.
Alos, Right-click the file and select Properties>Uncheck the Read-Only box to change the file type to Read-Write
In the meantime, to confirm whether this is a bug in a specific version, please provide us the version information. To check version: Open Word>File>Account>Product Information and capture a full screenshot and share here (Please mask your private information) and we will be tested on that version and verify the result with you.
Appreciate your patience and understanding and thank you for your time and cooperation.
Sincerely,
Waqas Muhammad