Handler "PageHandlerFactory-Integrated" has a bad module "ManagedPipelineHandler" in its module list

This error comes when you are trying to access iis7.0 or upgraded and iis is not register for asp.net.
Solution:Register IIS with ASPNET4.0 as follows......

c:\windows\microsoft.net\framework\v4.0.30319>aspnet_regiis -i