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Whether I should still go for it and try my luck?
Overall, academia is a great career, if you have sufficient drive you will defintiely get placed in a top NLU, there are very few NLU graduates who have done LLM and PhD and have not got a teaching job (if they were looking for one).
it is difficult to prepare a research proposal and do your llm in the same year, so make contacts with the profs at the place where you do your llm and start discussing ideas, base your proposal on the disseration, and show the proposal to some of the indian origin academics who are in your area and ask for comments, there was alist made by some commentators
once you have the proposal ready, send it to all the unis which have pgr scholarships, most russells and plate glasses have half a dozen scholarships each which pay international fees + stipend