It worked well with 2 nodes(master - master) set up for both fail over and fall back
Need to verify the same for more than 2 nodes set up using chain replication with first 2 nodes as cyclic pointers for master/slaves and remaining are chain replication strategy starting from 2nd node.
Also need to solve Communication link failure exception that is coming when master is going down.
Admin guide steps to do the chain way of replication for multi node setup
It works only when The connection will be reset if auto commit is true other wise not

Changes in Code Base (wrt mysql's active/active setup)

Need to add extra properties related to connector parameters in db.properties
Code changes are needed in com.cloud.utils.db.Transaction class to add the new properties to the url construction of cloud databases.

Conclusion