Thanks andrewloh and everyone who has written in. have solved the problem using MTTY and flashing 2.20.707.1Bwwe ELFin ROM from somewhere on the site.
Guys if you are stuck like I was, get a copy of the original ROM that was on the device, run MTTY as per andrew's instructions , reboot and flash the original ROM. magically, the Elf will start booting . Then, after the panic dies, take a deep breath and re-flash the ROM of your choice.