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Is it possible to defer admission in BALLB at NLS by a year for personal reasons ? Any pointers to relevant rules around this?
No.

Such deferment is a foreign university concept where they need you.

NLS has 50,000 takers for 120 seats.
you can re-take clat. Thats about the best they can do for you. Once you join and pay fees- If you have health issues- they sometimes let students take a term off. You will graduate later but thats to be expected.
deferring is not possible. What you can instead do is take admission now and not attend classes which will lead to a year loss and then start your law school next year. You will not be charged the fees for the entire year next year, they will only charge some examination fees.

This will not hamper your job prospects as the marksheet does not go to your recruiter, only your CV goes and even if it goes, you can probably explain the situation. However, if you are looking for a good foreign LLM then it will hamper your chances.