Failed to start component [StandardEngine[Catalina].StandardHost[localhost].StandardContext[/LabWebServletHibernate]]

Any of the jar dependencies of your project seems to be corrupted. You could try deleting all your local maven repo folder, or if you could manage to know which is the corrupted one, just delete it.

After one of theese actions, just update maven dependencies and it should start working

This problem could be because the jar files that your project is using must have got corrupted. As my machine was windows, so I fix this error by going to following path

C://Users/{user-name}/.m2/repository/

By deleting all the files and folders in this repository. These jars will get downloaded again and after restarting and cleaning your workspace in eclipse this error was resolved.