Starting High Availability Add-On cluster service fails with "HA LVM: Improper setup detected" on RHEL 5 and 6

Issue

• Starting Service which has LVM resource configured, fails with following errors message:

clurgmgrd  <notice> Starting stopped service service:${SERVICE_NAME}  
clurgmgrd: <err> HA LVM: Improper setup detected  
clurgmgrd: <notice> start on lvm returned 1 (generic error)  
clurgmgrd: <warning> #68: Failed to start service:${SERVICE_NAME}; return value: 1  
clurgmgrd: <notice> Stopping service service:${SERVICE_NAME}

• Cluster service is not starting on the cluster nodes, it fails with LVM error message as follows on RHEL 6 High Availability Cluster:

rgmanager[7460]: Starting stopped service service:test_service
rgmanager[7460]: start on ip "192.168.1.1/255.255.255.0" returned 1 (generic error)
rgmanager[7460]: #68: Failed to start service:test_service; return value: 1
rgmanager[7460]: Stopping service service:test_service
rgmanager[21302]: [fs] stop: Could not match /dev/test_vg/test_lv with a real device
rgmanager[21368]: [lvm] HA LVM:  Improper setup detected
rgmanager[21398]: [lvm] * initrd image needs to be newer than lvm.conf
rgmanager[21439]: [lvm] Deactivating test_vg/test_lv
rgmanager[21461]: [lvm] Making resilient : lvchange -an test_vg/test_lv
rgmanager[21486]: [lvm] Resilient command: lvchange -an test_vg/test_lv --config devices{filter=["a|/dev/sda2|","a|/dev/sdb|","a|/dev/sdc|","a|/
rgmanager[7460]: Service service:test_service is recovering
rgmanager[7460]: #71: Relocating failed service service:test_service
rgmanager[7460]: Service service:test_service is stopped

• rg_test reports that HA LVM resource could not be started due to Improper setup detected

# rg_test test /etc/cluster/cluster.conf start service SERVICE
Running in test mode.
Loading resource rule from /usr/share/cluster/lvm_by_vg.sh
...
Loading resource rule from /usr/share/cluster/nfsexport.sh
Starting SERVICE...
volume_list=["vg_root", "@node1-priv"]
<err>    HA LVM:  Improper setup detected
[lvm] HA LVM:  Improper setup detected
<err>    * initrd image needs to be newer than lvm.conf
[lvm] * initrd image needs to be newer than lvm.conf
Failed to start SERVICE

• Clustered service with HA-LVM resource(using tagging variant) added to it, fails to start on another node by logging above mentioned error in High Availability Cluster? What's the possible reason behind failure of service failover?