MapInfo Pro import error: "Unknown DXF item code: line 1023" when importing DXF files

Product affected: MapInfo Pro™


User running MapInfo Pro attempts to import a .dxf file and receives and error:

DXF Error: Unknown DXF item code: line 1023



MapInfo Pro's import function only supports up to DXF version 13 ( Anything version newer than this version is not supported. 


UPDATED: December 3, 2019
An alternative way would be to use the Universal Translator. 
The MapInfo Professional 11.5.4 Universal Translator supports AutoCAD file versions up to and including 2010. 
MapInfo 12.x Universal Translator supports AutoCAD file version up to 2013.