TruClient IE either crashes or the test hangs in INIT within the controller (times out)
Check anywhere you run LoadRunner ie the LocalHost, Controller PC and Generators for Microsoft Windows Update KB3038314
If it's there- uninstall it.
This Security Update crashes TC as soon as it starts. From what I read, the KB is a patch to stop third party scripts from running against IE -which TC HAS to do to be able to run.