I was a victim of "Target filesystem doesn't have /sbin/init". I tried using fsck, but it didn't work because of the following problem.*
fsck: Device or resource busy while trying to open /dev/sda1
Filesystem mounted or opened exclusively by another program?
So here is the solution:
boot from live ubuntu cd.
->remove the first inode.
sudo debugfs -w /dev/sda1
debugfs 1.41.11 (14-Mar-2010)
debugfs: clri <8>
->Restart into live cd again. and do
It will work this time.*