That was a bit quick, I hadn't actually rebooted.

When I rebooted, I came back to la-la land where nothing worked. 
Then scanned a few manpages and came to know there is something called ifconfig 
which does the same/similar thing as /etc/network/interfaces so tried that one 
out. 

sudo ifconfig eth0 inet 192.168.1.2 netmask 255.255.255.0 broadcast
61.1.96.69

This is what ifconfig eth0 gives :-

ifconfig eth0
eth0      Link encap:Ethernet  HWaddr some address 
          inet addr:192.168.1.2  Bcast:61.1.96.69  Mask:255.255.255.0
          UP BROADCAST RUNNING MULTICAST  MTU:1500  Metric:1
          RX packets:557 errors:0 dropped:0 overruns:0 frame:0
          TX packets:801 errors:0 dropped:0 overruns:0 carrier:0
          collisions:0 txqueuelen:1000 
          RX bytes:313297 (313.2 KB)  TX bytes:154915 (154.9 KB)
          Interrupt:22 Base address:some base address

But still wouldn't work, apparently the gateway information I didn't
know where or how to give

Came to know also there is something called route so used that.

route add default gw 192.168.1.1 (most probably from security point of
view may be a bad idea, but till I don't know any better have to use the
same)

route

 route
Kernel IP routing table
Destination     Gateway         Genmask         Flags Metric Ref    Use Iface
192.168.1.0     *               255.255.255.0   U     0      0        0 eth0
default         192.168.1.1     0.0.0.0         UG    0      0        0 eth0

comments and suggestions to clean up are welcome.

-- 
network-manager After reboot network is totally broken
https://bugs.launchpad.net/bugs/279262
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