Set-PnPListItem - Object reference not set to an instance of an object

[Yermek-Zhandauov]

SharePoint Online
PSVersion 7.1.0
PnP.PowerShell - 1.7.4

When trying to update Managed Metadata field Set-PnPListItem -List $ListName -Identity $id -Values @{"Field Name" = $TermGUID} -Connection $PnPConnection -UpdateType SystemUpdate -Batch $batch I am getting error with the message:

Message : Object reference not set to an instance of an object.
Stacktrace : at PnP.PowerShell.Commands.Utilities.ListItemHelper.GetFieldValues(IList
list, IListItem existingItem, Hashtable valuesToSet, ClientContext
clientContext, PnPBatch batch)
at PnP.PowerShell.Commands.Lists.SetListItem.ExecuteCmdlet()
at PnP.PowerShell.Commands.PnPSharePointCmdlet.ProcessRecord()

[veronicageek]

@Yermek-Zhandauov - Can you please update the module to the latest and ALSO try without the -Batch option. Thanks

[veronicageek]

Closing as no response.