Hello, again!
I managed to resolve this problem myself, when I found that Snort package, which I had installed and configured on WAN, was dropping the state on the slave (the box that is becoming the master on failover), because of the ongoing download for which the initialization was only seen by the snort on the previous master. Hence Snort thought it was an intrusive packet and denied the connection.
That also explains, why it was all good again on the master box after failing back.
Hope this helps someone, and sorry for the wasted time!