System is dropping to emergency shell after reboot.

Issue

RHEL HA Cluster is running with the following storage config:
- 1 local boot disk - Used for OS installation with LVM configured.
- 1 shared SAN disk - Used for CLVM.

A disk was newly added to the cluster to configure a new volume group (the new VG is local to the machine and not part of the cluster). After VG creation, volume_list parameter was modified in /etc/lvm/lvm.conf to include the newly created VG. Eventually, a new initramfs was created and the server was rebooted. After reboot, the system is failing to startup and dropping to emergency shell. The following message is displayed:

dracut-initqueue[287]: Warning: Not all disks have been found.
dracut-initqueue[287]: Warning: You might want to regenerate your initramfs.