Then i remembered that the database was being replicated using transactional log shipments so maybe there was some issue there. Thus started to look for any open transactions which might be holding the transaction logs used the command
Transaction information for database 'BATEELNAV5'.
Replicated Transaction Information:
Oldest distributed LSN : (0:0:0)
Oldest non-distributed LSN : (28941:199:1)
DBCC execution completed. If DBCC printed error messages, contact your system administrator.
Got a message which confirmed that there was a replication transaction which was holding the database I got rid of the same using
sp_repldone @xactid = NULL, @xact_segno = NULL, @numtrans = 0, @time = 0, @reset = 1
I was then able to truncate the log successfully.