Why network interfaces fails to load and booting logs shows error 'modprobe: FATAL: Could not load /lib/modules/($uname -r)/modules.dep No such file or directory' ?

Issue

• Server boots up fine. But after booting network interface are not loaded.
• In ifconfig output can see only lo interfrace.
• Booting logs shows below error message:

modprobe: FATAL: Could not load /lib/modules/($uname -r)/modules.dep  No such file or directory¨

• When actually checked, the directory /lib/modules/ itself found to be empty.
• Same problem can also occur after upgrding the kernel and then booting into that new kernel version if some problem happens in installation process.