It was so that since the visual upgrade using configuration wizard failed, I had started the upgrade using stsadm command line. But that failed too. Then when I again tried the visual upgrade, it said that an upgrade is already in place hence it will not update. So I was in a fix like how to upgrade it then.
Unable to upgrade SharePoint Products and Technologies because an upgrade is already in progress. Upgrade progress can be monitored using the Central Administration Web Application or by monitoring the upgrade log on server...
This link was of a great help, its a failsafe method (and only to be used if nothing else works) : Microsoft Technet link
What you have to do basically is fire this command up using stsadm:
stsadm -o setproperty -pn command-line-upgrade-running -pv NoWhat it does is basically sets a property to 'No' which will allow the visual Configuration Wizard to continue!