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I think this is an interesting question, so requesting starred status.

I guess Strawberry Fields is at the top? Bands like Pentagram, Indus Creed have performed there.
nujs has had local train, the f16s, prateek kuhad etc. This year they were planning to get udbhav but heard couldnt happen.
We have had Hardy Sandhu, King, Local Train, When Chai Met Toast, Naezy.
Sorry, but the artists named in the comments suck (barring F16s).

Prateek Kuhad, Ash King etc = cringe Bollywood

Dualist Inquiry = The EDM genre itself is shit

Ska vengers = Ugh and wannabe
One of the noticeable changes that has happened in the past decade is the desi-fication of law school fests. Earlier, only English-language musicians were invited, and even there a bias towards rock bands existed. Nowadays, it's Hindi/Bollywood pop that rules. This is probably because of the demographic shift in most schools, combined with market forces that values the masses over the classes, but it's really, really sad, because such music is awful. If you really want good Indian musicians, you should only invite classical musicians or someone like Ricky Kej or Sivamani, not such trash.
You can't use Gen X and Gen Y standards to assess contemporary Gen Z fests. For example, rock music as a genre is completely dead among Gen Z. So you can't invite rock bands because turnout will be low and companies will not want to sponsor. Jazz and Hindustani classical musicians will attract even lower interest. On the other hand, Bollywood, Punjabi, dance, hip-hop etc will attract both crowds and audiences. Market forces rule and you have to follow that.
Justin bieber and Ed Sheeran wanted to perform in Nls but were rejected