Problem with TRIAC simulation
Got a response from Penzar Development (makers of TopSpice) that the MOC3020 model has a defect.
The model cap c1 should have been modeled as 10u while it is set as 10

Penzar development was kind enough to send me updated model with correction which worked fine.
The error line is shown below:


  Original:
  C1 ctrl1 4 10
  
  Correction:
  C1 ctrl1 4 10u


As of this development, this question can be closed!