I did some google search and found out that many people were facing this issue. Recovery & Troubleshooting Mac Mini/Mac Book
First thing I realized that I didn’t do my weekly backup! If it turns out to be an OS crash or HDD failure I would lose all my data. I did a restart again, but it was all the same, Gray Spinner and the Progress-Bar reaching unto 25% and the screen goes blank. Just a few minutes later (25% completion of the progress bar) the Monitor went black and the Mac turned off. Mac OS X Grey Color Screen with Spinner and Progress Bar