Thank you Karthik,
The issue did not re-occur after the below settings mentioned in the TR. However we are not sure if OVM clustering with FC disks is supported? in IMT it is not
Update /etc/sysconfig/o2cb with the following
O2CB_HEARTBEAT_THRESHOLD=96
O2CB_RECONNECT_DELAY_MS=4000
O2CB_KEEPALIVE_DELAY_MS=4000
O2CB_BOOTCLUSTER=34a289117ee06652
O2CB_IDLE_TIMEOUT_MS=190000
O2CB_ENABLED=true
O2CB_STACK=o2cb