Can't boot AlmaLinux 8.6 - 'Failed to execute /sbin/init''

Hi everyone.

I am running a VM on a Proxmox server with AlmaLinux 8.6 - Kernel 4.18.0-372.19.1.el8_6.x86_64
This morning, the server was rebooted but it fails to boot and shows the following message:

[  OK  ] Reached target Switch Root.
         Starting Switch Root...
[  !!  ] Failed to execute /sbin/init
[!!!!!!] Failed to execute fallback shell, freezing.
[    2.363264] printk: systems: 18 output lines suppressed due to ratelimiting.

I haven’t got the foggiest of clues as to what to do to try and resolve this.

Any help would be appreciated.