As per my understanding there are many reasons for kernel panic .I Just writing what i understand here
In the case
Freeing unused kernel memory: 96k init
Kernel panic - not syncing: No init found.
Try passing init=option to kernel
common causes is that the root file system image (be it ramdisk, Flash, or NFS root
file system) does not have the supporting libraries for the binaries that the kernel is trying to execute
.
Which means dynamic loader may be not present in rootfs ,so When kernel try to execute some programs it ll not find required dynamic library in rootfs. Here kernel try to sycn (i.e data to be written to the underlying filesystems) with your hard disk which having rootfs
. When kernel sees there is no dynamic loader then kernel ll be panic and complains not syncing.