11.04 - kernel update failed using apt-get dist-upgrade

I have ubuntu 11.04 on my Dell Inspiron

I did an upgrade using following commands

apt-get update
apt-get upgrade
apt-get dist-upgrade

Now on restarting the system, the latest kernel version does not boot up, leaving me with blinking caps light. It seems like system just hangs up.

Though previous kernel is still bootable (thank god !!)

What might be the problem and how can I solve it.

EDIT : Output of df and cat /etc/fstab

nikhil@dell:~$ df
Filesystem           1K-blocks      Used Available Use% Mounted on
/dev/sda7            106802240  10149900  91227088  11% /
none                   1973500       736   1972764   1% /dev
none                   1981208       252   1980956   1% /dev/shm
none                   1981208        96   1981112   1% /var/run
none                   1981208         0   1981208   0% /var/lock
nikhil@dell:~$ cat /etc/fstab
# /etc/fstab: static file system information.
#
# Use 'blkid -o value -s UUID' to print the universally unique identifier
# for a device; this may be used with UUID= as a more robust way to name
# devices that works even if disks are added and removed. See fstab(5).
#
#                
proc            /proc           proc    nodev,noexec,nosuid 0       0
# / was on /dev/sda7 during installation
UUID=b6f842c2-bbc6-41e0-bb4e-88125ba0b2d1 /               ext4    errors=remount-ro 0       1
# swap was on /dev/sda6 during installation
UUID=97b9c281-e852-41a7-8f3d-e511915c4013 none            swap    sw              0       0

EDIT : Even using

sudo update-initramfs -u -k 2.6.38-11-generic
sudo update-grub

Has not helped.