However the reply which I received from an engineering manager at Lava was quite grim (if anyone wants to have a look at the full conversation PM me).
To summarize what he said:
1) Apparently it is Intel which is not allowing a bootloader unlock because of security vulnarabilities in the Medfiled and Lexington platforms. Starting with clovertail, they are planning to make the bootloader unlockable.
I find this strange because the Motorola Razr I and ZTE Grand X In (which are both Medfield phones) have unlockable bootloaders.
2) After reminding him of Xolo's obligation to provide sources, he agreed to make them accessible by next week. But according to him, this won't be of any help as Xolo doesn't have any build instructions or flashing tools (ridiculous).
3) Xolo has no plans for Jelly Bean for the X900.
I personally find the whole thing fishy as he seems to be shifting all the blame onto Intel. I have mailed Intel as well but haven't recieved any reply from them.
Will keep updated if I get to know anything.
In the meanwhile, it will be great if folks here could suggest some more ways to get Xolo and Intel to provide some solid information.
BTW great work till now guys! This is an amazing phone, especially when rooted :-)