So it appears that the Windows partition / system files required for boot has most likely been corrupted - Apparently it can happen for no obvious reason and without any warning upon reboot. More information about causes can be found here: https://neosmart.net/wiki/0xc0000001/
Solution to anyone else having the same problem of a bootloop in the Windows partition of a mac bootcamp:
Connect an external wired keyboard (can be apple or other brand - I used an old acer KU-0355) to a working USB port (I tested power to the port using a USB led lamp).
Shutdown the mac by holding the power button for ~10 seconds. Press and hold the Options key (apple) or Alt key (windows) while simultaneously powering on the mac by pressing on the power button. Continue to hold the Options/Alt key until the mac has fully booted.
Hopefully, you will be presented with a boot menu asking you whether you would like to boot in Mac OS or Windows. Select Mac OS using the keyboard arrow keys and press Enter. If you are unable to see the boot menu, try connecting another wired keyboard (if this still does not work, it could be due to a hard drive failure).
The computer will boot into Mac OS. From there, make a backup of all your files on the Windows partition. These can be found in the devices tab through the Finder application on the mac taskbar (probably named Windows or Windows partition). In particular, backup the Users/Name folder, which contains your desktop, documents, and downloads. Backup by either connecting an external hard drive or by copying files from the windows partition to the mac partition. If your external hard drive is NTFS formatted and cannot be written to, install the free trial of paragon NTFS drivers for mac.
From hereon, if you do need Windows, you can either try to repair the Windows partition using Disk Utility or delete the existing Windows partition and create a new partition using bootcamp and fresh copy of Windows + drivers.
I was unlucky that this happened during the midst of classes, but fortunately was able to recover all files and user data.