I apologize for not updating my final solution. So as you can read above after getting the inverter board changed and spending $ 80 for the same, I could not get the problem fixed.
So I went back to the Apple Store and met the Genius. He apologized for misdiagnosing the problem. The problem was with the screen and that had to be changed. I did ask him specifically what exactly was wrong and he informed me that it could be the screen tubes or a faulty electronic component.
I had to send my Macbook to the Apple facility to get it fixed and it was shipped back home with a new display within 7 days. I did not have to pay anything except that previously paid $ 80 as the Genius said that he had misdiagnosed and it was for Apple to make the necessary changes.
This might not be the scenario everywhere, but I highly advise you to make an appointment with a Genius and he will be the best person to resolve the issue, but what I could gather through this whole ordeal was that this problem could be because of the following reasons:
1. Inverter Board: A small chip set that sits on top of the keyboard - replacement charges at Apple $ 80
2. Cable: It connects the motherboard to the display, Charges @ Apple $15-30, but in my case the Genius replaced both the inverter board and the cable for $ 80
3. The screen: Can be the tubes or an electronic component. Charges @ apple 300 onwards.
I hope this helps, feel free to ask any questions that you may have.