First boot into debian from a USB device and run the following commands

cd /tmp
wget http://jeff.doozan.com/debian/rescue/install_rescue.sh
chmod +x install_rescue.sh
./install_rescue.sh

Once the installation is complete, run the following command

fw_setenv rescue_bootcmd 'if test $rescue_installed -eq 1; then run rescue_set_bootargs; nand read.e 0x500000 0x100000 0x400000; bootm 0x500000; else run pogo_bootcmd; fi'

After this you can shutdown the device, remove the USB drive and restart, it will successfully boot into the rescue system.

You can also load the Rescue System from a USB drive (you need console access), thanks to Johannes. For this you need to download the rescue system from here and put the files on the root directory of a FAT formatted USB drive.

Now you need to interrupt the boot process through the console by pressing a key when prompted. You can either use a serial adapter or netconsole (provided you have set it up already)  for this.

U-Boot 2010.09 (Oct 23 2010 - 11:53:10)
Marvell-GoflexNet by Jeff Doozan, Peter Carmichael
Hit any key to stop autoboot:  0

Once you have interrupted uBoot and at the Marvell>> prompt, connect the USB drive and run the following commands

usb start
fatload usb 0:1 0x500000 uimage
fatload usb 0:1 0xe00000 uinitrd
setenv bootargs console=$console $mtdparts
bootm 0x500000 0xe00000

The rescue system now boots and you can re run the debian installer or do further troubleshooting.

Total damages for the two plugs 305 USD + 37 USD (Shipping) = 342 USD ~ 15000 INR and they also charged 15% Duty + Service Charges ~ 2500 INR So final cost 8750 INR per plug.