mkrootdev: label / not found

I have HP ML370G4 server installed with RHEL kernel 2.6.9-55.ELsmp. All of sudden I am facing the boot problem as:
Uncompressing Linux...Ok, booting the kernel
RedHat nash version 4.2.1.10 starting
mkrootdev: label / not found
mount: error 2 mounting ext3
mount: error 2 mounting none
switchroot: mount failed 22
umount /initrd/dev failed:2
Kernel Panic - not syncing: Attempted to kill init!

Please help to resolve this issue.

Thanks
Jimmy

Either there is a problem with the drive, or the disc has been munged, interfering with the root (/) partition. You need to boot a recovery disc (CD/DVD/USB) and see what has happened.