Unable to boot a VHD of medicat with Ventoy 1.77

[Digi-O]

My system is set for UEFI boot. I made a VHD of medicat (GPT, Ventoy 1.77, NTFS). 
I then created a Ventoy 1.77 USB disk (GPT, NTFS).
I put the medicat.VHD on the Ventoy USB disk, created a /ventoy folder, and put the Windows 10 ventoy_vhdboot.img into the /ventoy folder.
On boot the Ventoy menu appears, but when I select the medicat target I get an error and am unable to boot:
File: \Windows\system32\winload.efi
Status: 0xc000000f
Info: The application or operating system couldn't be loaded because a required file is missing or contains erros.

Note:
- The medicat VHD boots successfully in VirtualBox
- Ventoy (GPT) installed directly onto the USB disk boots fine
- Medicat installed directly onto the USB disk boots fine


I've tried all of the following:
- Partition VHD with MBR
- Partition Ventoy USB with MBR
- Format Ventoy USB as exFat
- Tried the Windows 7 ventoy_vhdboot.img (different failure)
I see the same issue in all cases.

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My system is set for UEFI boot. I made a VHD of medicat (GPT, Ventoy 1.77, NTFS). 
I then created a Ventoy 1.77 USB disk (GPT, NTFS).
I put the medicat.VHD on the Ventoy USB disk, created a /ventoy folder, and put the Windows 10 ventoy_vhdboot.img into the /ventoy folder.
On boot the Ventoy menu appears, but when I select the medicat target I get an error and am unable to boot:
File: \Windows\system32\winload.efi
Status: 0xc000000f
Info: The application or operating system couldn't be loaded because a required file is missing or contains erros.

Note:
- The medicat VHD boots successfully in VirtualBox
- Ventoy (GPT) installed directly onto the USB disk boots fine
- Medicat installed directly onto the USB disk boots fine


I've tried all of the following:
- Partition VHD with MBR
- Partition Ventoy USB with MBR
- Format Ventoy USB as exFat
- Tried the Windows 7 ventoy_vhdboot.img (different failure)
I see the same issue in all cases.

Have you had any joy resolving the issue?