Invalid default value for ‘create_date’ timestamp field

I have the following sql create statement

mysql> CREATE  TABLE IF NOT EXISTS `erp`.`je_menus` (
    ->   `id` INT(11) NOT NULL AUTO_INCREMENT ,
    ->   `name` VARCHAR(100) NOT NULL ,
    ->   `description` VARCHAR(255) NOT NULL ,
    ->   `live_start_date` DATETIME NULL DEFAULT NULL ,
    ->   `live_end_date` DATETIME NULL DEFAULT NULL , 
    ->   `notes` VARCHAR(255) NULL ,
    ->   `create_date` TIMESTAMP NOT NULL DEFAULT  '0000-00-00 00:00:00',
    ->   `created_by` INT(11) NOT NULL ,
    ->   `update_date` TIMESTAMP NOT NULL DEFAULT  CURRENT_TIMESTAMP  ,
    ->   `updated_by` INT(11) NOT NULL , 
    ->   `status` VARCHAR(45) NOT NULL ,
    ->   PRIMARY KEY (`id`) ) 
    -> ENGINE = InnoDB;

giving following error

ERROR 1067 (42000): Invalid default value for 'create_date'

What is the error here?