After updating XCODE-14 and while running pod init I am getting error

(base) shahrukh@percrymbp TestApp_uikit % pod init
Traceback (most recent call last):
9: from /Users/shahrukh/.rvm/gems/ruby-2.7.0/bin/ruby_executable_hooks:24:in <main>' 8: from /Users/shahrukh/.rvm/gems/ruby-2.7.0/bin/ruby_executable_hooks:24:in eval’
7: from /Users/shahrukh/.rvm/gems/ruby-2.7.0/bin/pod:23:in <main>' 6: from /Users/shahrukh/.rvm/gems/ruby-2.7.0/bin/pod:23:in load’
5: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/cocoapods-1.11.2/bin/pod:55:in <top (required)>' 4: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/cocoapods-1.11.2/lib/cocoapods/command.rb:52:in run’
3: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/claide-1.0.3/lib/claide/command.rb:333:in run' 2: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/cocoapods-1.11.2/lib/cocoapods/command/init.rb:41:in validate!’
1: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/xcodeproj-1.21.0/lib/xcodeproj/project.rb:113:in open' /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/xcodeproj-1.21.0/lib/xcodeproj/project.rb:228:in initialize_from_file’: [Xcodeproj] Unknown object version (56). (RuntimeError)
11: from /Users/shahrukh/.rvm/gems/ruby-2.7.0/bin/ruby_executable_hooks:24:in <main>' 10: from /Users/shahrukh/.rvm/gems/ruby-2.7.0/bin/ruby_executable_hooks:24:in eval’
9: from /Users/shahrukh/.rvm/gems/ruby-2.7.0/bin/pod:23:in <main>' 8: from /Users/shahrukh/.rvm/gems/ruby-2.7.0/bin/pod:23:in load’
7: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/cocoapods-1.11.2/bin/pod:55:in <top (required)>' 6: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/cocoapods-1.11.2/lib/cocoapods/command.rb:52:in run’
5: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/claide-1.0.3/lib/claide/command.rb:324:in run' 4: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/claide-1.0.3/lib/claide/command.rb:337:in rescue in run’
3: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/claide-1.0.3/lib/claide/command.rb:396:in handle_exception' 2: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/cocoapods-1.11.2/lib/cocoapods/command.rb:66:in report_error’
1: from /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/cocoapods-1.11.2/lib/cocoapods/user_interface/error_report.rb:34:in report' /Users/shahrukh/.rvm/rubies/ruby-2.7.0/lib/ruby/gems/2.7.0/gems/cocoapods-1.11.2/lib/cocoapods/user_interface/error_report.rb:34:in force_encoding’: can’t modify frozen String: “[Xcodeproj] Unknown object version (56).” (FrozenError)