Nginx time out while reading response header from upstream: "xxx.sockets/puma.sock/" on aws ec2 in ruby on rails

Trying to deploy my Ruby on Rails app on AWS EC2 with puma. Facing issue of connection timeout with puma.sock in nginx logs. Trying to figure out the issue but cant succeed till yet

*1 upstream timed out (110: Connection timed out) while reading response header from upstream, client: 103.12.199.62, server: localhost, request: "GET / HTTP/1.1", upstream: "http://unix:/home/ubuntu/peatio/shared/sockets/puma.sock/", host: "52.71.252.50"

nginx.conf

user www-data;
worker_processes auto;
pid /run/nginx.pid;

events {
    worker_connections 768;
    # multi_accept on;
}

http {

     ##
     # Basic Settings
     ##

     sendfile on;
     tcp_nopush on;
     tcp_nodelay on;
     keepalive_timeout 65;
     types_hash_max_size 2048;
     # server_tokens off;

     # server_names_hash_bucket_size 64;
     # server_name_in_redirect off;

     include /etc/nginx/mime.types;
     default_type application/octet-stream;

     ##
     # SSL Settings
     ##

     ssl_protocols TLSv1 TLSv1.1 TLSv1.2; # Dropping SSLv3, ref: POODLE
     ssl_prefer_server_ciphers on;

     ##
     # Logging Settings
     ##

     access_log /var/log/nginx/access.log;
     error_log /var/log/nginx/error.log;

     ##
     # Gzip Settings
     ##

     gzip on;
     gzip_disable "msie6";

     # gzip_vary on;
     # gzip_proxied any;
     # gzip_comp_level 6;
     # gzip_buffers 16 8k;
     # gzip_http_version 1.1;
     # gzip_types text/plain text/css application/json application/javascript text/xml application/xml application/xml+rss text/javascript;


     include /etc/nginx/conf.d/*.conf;
     include /etc/nginx/sites-enabled/*;
  }