Well I finally managed to solve the issue !. All the errors were due to Nvidia. While updating Nvidia was upgraded to 310 version (latest). For my particular card , Geoforce 7025 , I knew the earlier one worked , so I downgraded to 304 correspondiing to the kernel 3.5.
Then I ran Xorg -configure , After that , I was able to boot into the system , but still the resolution was only 1024*768 , So I had to tinker /etc/X11/xorg.conf to add the Mode 1368*768 which is my native resolution and post that the system looks as fresh as ever
Only thing is I get 2 pending updates for Nvidia 310 ...But I wont be updating the same!
A gr8 way to start the New Year !