Why does Dell PowerEdge R815 UEFI boot system not booting with newly installed kernel-2.6.32-358.2.1.el6.x86_64?

Issue

• The machine was just updated using yum update command and the new kernel-2.6.32-358.2.1.el6.x86_64 was installed in the machine.
• This system is using UEFI boot mechanism.
• Whenever the system is forced to boot with old kernel, it boots properly, but with newer kernel, it hangs at initial boot itself and following message appears on the screen.

Trying to allocate 985 pages for VMLINUZ
[Linux-EFI, setup=0x10fc, size=038070]