spring-boot-thin-launcher: "No deployables found" error during resolve goal execution for spring-boot-thin-maven-plugin

I am getting following error while executing resolve goal.

[ERROR] Failed to execute goal org.springframework.boot.experimental:spring-boot-thin-maven-plugin:1.0.19.RELEASE:resolve (default-cli) on project candid-platform: No deployables found. If your only deployable is the current project jar, you need to run 'mvn package' at the same time.

Corresponding pom.xml snippet:

<plugin>
            <groupId>org.springframework.boot.experimental</groupId>
            <artifactId>spring-boot-thin-maven-plugin</artifactId>
            <version>${thin.layout.version}</version>
            <dependencies>
              <dependency>
                <groupId>org.springframework.boot.experimental</groupId>
                <artifactId>spring-boot-thin-maven-plugin</artifactId>
                <version>${thin.layout.version}</version>
              </dependency>
            </dependencies>
            <executions>
              <execution>
                <id>generate-app-dependencies</id>
                <goals> 
                  <goal>resolve</goal>
                </goals>
                <phase>verify</phase>
                <configuration>
                  <outputDirectory>${microservices-output-artifacts}/thin/root</outputDirectory>
                </configuration>
              </execution>
            </executions>
          </plugin>

Running with mvn -X showed the following.

Caused by: org.apache.maven.plugin.MojoExecutionException: No deployables found. If your only deployable is the current project jar, you need to run 'mvn package' at the same time.
    at org.springframework.boot.experimental.maven.ResolveMojo.execute (ResolveMojo.java:111)

As per ResolveMojo, that happens whenever deployables is empty. But the fact as above pom.xml snippet does have dependencies defined. Can you throw some light on what scenarios can lead “No deployables found” error. It sounds like a misnomer. But may be I am missing something.