Try increasing MAXCONN value in CSIDB202's directory entry. 48 can be enough for a DB2 server. However, by introducing IPGATE and its APPC/VM connections, you might just be unlucky to hit that limit. For a SFS server, you'd monitor the high watermark for the number of connections with QUERY FILEPOOL OVERVIEW, but I don't know which DB2/VM command would reveal this.
Ivica