The wait is over, finally, my Galaxy Nexus has Jelly Beans!!!
I got the OTA update notification a couple of hours back. When the phone rebooted to install the update, I got a picture of a broken android with a Red Exclamation Mark. That got me worried a bit. I also had an idea where the problem was. I went back to my earlier post on how to flash the stock ‘yakju’ firmware replacing the ‘yakjuxw’ firmware and realized that I hadn’t flashed the correct radio. This was pointed out in a comment to the post and I verified this by checking the forums at xda-developers.
Download the correct radio file for Fastboot from here. I prefer to use the Fastboot images, if CWM is flashed, one can use the CWM to flash the radio too. Extract the image file from the zip file downloaded.
Power off the device, boot into bootloader by pressing the Volume Up, Down and the Power keys simultaneously.
Open a command prompt on the PC and navigate to the location where the image was downloaded. Make sure that fastboot.exe is accessible (i.e., the location containing fastboot.exe is added to Path environment variable). Connect the phone to the PC via USB and type the following to check if the phone has been detected on the PC successfully.
Now type in the following command to flash the radio:
Wait until the prompt returns, and then type:
Choosing to install the updates this time will go through successfully.
I will now get back and enjoy some Jelly Beans. Will keep posting more on my experience.