System panic when booted after kernel update with the message, ext3: No journal on filesystem on dm-0

Issue

• Updated kernel-xen on the guest  2.6.18-92.el5xen to 2.6.18-128.1.1.el5xen
• When booted using the new kernel, it panics with following error

rtc: IRQ 8 is not free.
rtc: IRQ 8 is not free.
i8042.c: No controller found.
Red Hat nash version 5.1.19.6 starting
 Reading all physical volumes.  This may take a while...
 Found volume group "VolGroup00" using metadata type lvm2
 4 logical volume(s) in volume group "VolGroup00" now active
ext3: No journal on filesystem on dm-0
mount: error mounting /dev/root on /sysroot as ext3: Invalid argument
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 - not syncing: Attempted to kill init! 

• Able to boot using old kernel