System stopped booting and showing "dracut: FATAL: No or empty root= argument"

Issue

• We have increased the vCPU from 1 to 2 , and rebooted the virtual machine and we got kernel panic error . Please find attached image regarding the same:

Freeing unused kernel memory: 1732k freed
mknod: '/dev/null’: File exists
mknod: '/dev/console’: File exists
init: 182: cannot open /proc/cmdline: No such file
mkdir: cannot create directory '/dev/pts’: File exists
mount: only root can do that (effective UID is 1826)
dracut: dracut-004-283.el6
dracut: FATAL: No or empty root= argument
dracut: Refusing to continue

dracut Harning: Signal caught!
dracut Harning: dracut: FATAL: No or empty root= argument
dracut Harning: dracut: Refusing to continue
Rernel panic - not syncing: Attempted to kill init!
Pid: 1, comm: init Not tainted 2.5.32-2?9.e16.x86_64 #1
Call Trace:
[<ffffffff814fd11a>] ? panic+0xa0/0x168
[<ffffffff818?80d2>] ? do_exit+0x852/0X0?0
[<ffffffff811?ca?5>] ? fput+0x25/0x38
[<ffffffff818?8c38)] ? do_group_exit+0x58/0xd8
[<ffffffff818?0cc?>] ? sys_exit_group+0x1?/0x28
[<ffffffff818808f2)] ? system_call_fastpath+0x16/0x10