Error when starting CFT: "Starting CFTMAIN ... CFTI01F CFT error allocation failed Common area"

The same error is found when a cftinit is tried while CFT is running.
The error message means, the CFT is already running or improperly stopped when a new instance of CFT was requested.

Since the Semaphores used by CFT were locked by an already running instance memory allocation for the new instance are denied.
Stop CFT properly (kill all remaining CFT processes) and start again.
You can also use the command CFTSTOP -forcedkill to clean remaining instances from CFT.

If you can't sort out the issue with above commands, check for remaining ipcs queue from your machine.