Mac: AppleIntelCPUPowerManangement Kernel Panic

After upgrading from Mac OS X Mavericks 10.9.2 to 10.9.3, my machine (HP Probook 4530s) ran into AppleIntelCPUPowerManangement Kernel panic, and to my surprise none of the boot flags helped me to boot into the system.
I decided to do a fresh install, but even booting from USB resulted the same. Then I decided to remove AppleIntelCPUPowerManangement.kext, but I can't even access terminal.

Here's the solution:
My machine dual boots Windows and Mac.

1. I logged into Windows
2. Installed MacDrive, trial version
3. Rebooted into windows and opened the drive on which Mac is installed
4. Did two things, don't know which one helped:

Opened /Extra/org.chameleon.Boot.plist with a text editor and added the following code:

<key>GenerateCStates</key>
<string>No</string>
<key>GeneratePStates</key>
<string>No</string>

And deleted AppleIntelCPUPowerManangement related kexts from this directory:

/System/Library/Extensions/

I found two kext folders related to it and deleted both.

Rebooted without any boot flags and voila. It worked.