Message "No records available" getting displayed

Since its a service backed record, your expression must be returning a datasubset.
Does the datasubset have totalcount of 0? Can you give more details?
My guess is that the totalCount in datasubset is zero but the datasubset has some data. Hence it is behaving as seen in the screenshot.
But, I can confirm only if you can mention more details

@trunalj As far as my experience is considered, the message of 'No records available' will be driven by 'totalCount' attribute in the data subset. One of the reasons why this could happen is, you might be building the data subset using a!dataSubset() based on gathering the information you have had in the variables and during this process you might have improperly configured the totalCount. I concur with the view of @chteany.

Thanks @chetany and @sikhivahans as the issue is solved with your inputs.