System kernel panics on boot with "mount: could not find filesystem '/dev/root'"

Issue

• System kernel panics on boot with the following information after loading GRUB and starting the boot process:

Unable to access resume device (/dev/rootvg/swap)
mount: could not find filesystem '/dev/root'
setuproot: moving /dev failed: no such file or directory
setuproot: error mounting /proc: no such file or directory
setuproot: error mounting /sys: no such file or directory
switchroot: mount failed: no such file or directory
kernel panic - no syncing: attempted to kill init!