lvremove command fails with error 'device-mapper: remove ioctl on failed: Device or resource busy'

Issue

• lvremove command is failing to remove the lvm volume and shows following error messages:

  $ lvremove /dev/testvg/testlv
  Do you really want to remove active logical volume testlv? [y/n]: y
    device-mapper: remove ioctl on  failed: Device or resource busy
    device-mapper: remove ioctl on  failed: Device or resource busy
    device-mapper: remove ioctl on  failed: Device or resource busy
    device-mapper: remove ioctl on  failed: Device or resource busy
    Unable to deactivate testlv (253:37)
    Unable to deactivate logical volume "testlv"
  

• The lvm volume is unmounted before trying above lvremove command, also there are no applications using this lv, but still lvremove command is unable to deactivate and remove the lv