How to Resolve the 'Error MSB6006 tsc.exe exited with code 2' build error in Visual Studio 2015

How to Resolve the 'Error MSB6006 tsc.exe exited with code 2' build error in Visual Studio 2015

After long pause I returned back to my pet project, but suddenly build started to fail with error Error MSB6006 tsc.exe exited with code 2.
The error is quite ambiguous. Answers on stack overflow didn’t help much.
But I was able to find what was the issue. I needed more details: what was the exact issue why TypeScript compiler failed?
To find out that I changed build verbosity to detailed:
In Visual Studio, open Tools->Options, there go to Projects and Solutions->Build and Run, and select Detailed in the MSBuild project build output verbosity:

Run the build again and open output tab. Then it is just a matter of finding the place with detailed error message and addressing it.

There may be multiple reasons why build fails. In my case detailed error was:

1>       Task "VsTsc"
1>         C:\Program Files (x86)\Microsoft SDKs\TypeScript\1.8\tsc.exe --project "C:\Users\vitalii\Source\Repos\BenchmarkLab\src\BenchmarkLab\wwwroot\lib\hydrolysis\tsconfig.json"
1>         Unknown output: Cannot open file 'C:\Users\vitalii\Source\Repos\BenchmarkLab\src\BenchmarkLab\wwwroot\lib\hydrolysis\typings\main.d.ts'.
1>         C:\Users\vitalii\Source\Repos\BenchmarkLab\src\BenchmarkLab\error TS6053:Build:File 'C:/Users/vitalii/Source/Repos/BenchmarkLab/src/BenchmarkLab/wwwroot/lib/hydrolysis/typings/main.d.ts' not found.
1>     1>
1>C:\Program Files (x86)\MSBuild\Microsoft\VisualStudio\v14.0\TypeScript\Microsoft.TypeScript.targets(214,5): error MSB6006: "tsc.exe" exited with code 2.
1>       Done executing task "VsTsc" -- FAILED.