Oracle VM: Newly Imported Virtual Machine or Appliance Fails to Boot and Ends at the Dracut Prompt with "Warning : /dev/

[Maddy_2188]

Hello Experts,

Did anyone face this issue when importing Oracle Linux?
my scenario is
On Oracle VM, after importing a template e.g. from an .ova file that has been provided by vendor, it fails to boot and ends at the dracut prompt with the following kind of errors displayed on the VM Console :

dracut-initqueue : Warning : dracut-initqueue timeout - starting timeout scripts
dracut-initqueue : Warning : Could not boot.
dracut-initqueue : Warning : /dev/disk/by-uuid/XXX does not exist
Starting dracut emergency shell...
Warning : /dev/disk/by-uuid/XXX does not exist

Generating "/run/initramfs/rdsosreport.txt"

Entering emergency mode. Exit the shell to continue

dracut:/#