Dragos,
I have built the binary again, I put screenshot of the window attached. The result was the same - the board didn't boot. For some reason, SDK through some warnings to the terminal:
bootgen -image output.bif -o i \
/run/media/pabrosimov/Data/Projects/University/MEng/Phase_2_dev/Boot_Images/ref_design_2014_r1/output.bin
WARNING: $XILINX contains multiple entries. Setting
$XIL_PA_NO_XILINX_OVERRIDE to 1.
WARNING: $XIL_PA_NO_XILINX_OVERRIDE is set to 1.
When $XIL_PA_NO_XILINX_OVERRIDE is enabled
$XILINX, $MYXILINX, $PATH, and $LD_LIBRARY_PATH must
be manually set.
Then I repeat the same steps in SDK from ISE 14.7 (by creating new HW with system.xml). The image created in this SDK worked.
I boot the board. I was so happy to see that DAC, ADC and HDMI drivers are all loaded fine! I have attached boot log.
I have noticed you use zc702, I can't really say what is the difference, but this process seem to be broken for Zedboard. This isn't the Analog area of responsibility (I assume), but knowing the trick saves a lot of time.
To sum up, all I needed was the matching versions of hdl and kernel.