Kernel panic after Ubuntu 12.04 LTS update : SOLVED

1.   I recently had installed one new VM with Ubuntu LTS 12.04 last week.All was running fine and I ensured it had all the updates but after one last update I could no more boot into the desktop..instead I started getting stuck at the grub and then kind of the following messages :

Kernel panic - not syncing:Attempted to kill init

unable to read itable block

exitcode=0x00000100

2.  After many attempts I could not solve the issue but all went okay after the following were ensured and run...

Step one...start ur PC and choose the previous Linux version for boot.Once you get into the desktop...get to the sudo mode and run the following :

sudo apt-get update

sudo apt-get upgrade

sudo apt-get dist-upgrade

3.  Should solve the panic...after a reboot.....