Dear Visham,
I faced a problem with iptables after upgrading to a recent kernel.
However, the original Fedora install booted just fine.
I went through some online forums and found somebody suggesting that I
1. comment all my iptables rules (/etc/sysconfig/iptables);
2. uncomment/enable one rule
3. restart iptables
4. look for a failure message
One subsequent rule showed that I had a "-m state" specified, but no
kernel module compiled for it. I just ran the "make menuconfig" again;
went through all the options under Networking -> Netfilter configuration
and enabled all modules (just to be safe). Enable specific modules to
your requirement.
I am not sure if this solves your problem; it solved mine.
Nandan