Hello Midasala.
I would like to tell you that if you clear the backlog then you can have your placements without any delay as you need to submit your gradereport and degree certificate. With back you would definitely not get the certificate and also your cgpa would reduce. It depends from company to company and interviewer to interviewer.
If you have cleared your back paper then it would most probably get ignored but the interviewers but if not than certainly it won't leave a good impression to them. These companies mainly look for your coding skill so hopefully they should ignore the back part most probably. Also doing MTech from IIT Bombay after your BTech will help you alot in your placement for Job and you would have a great chance for getting job in companies like Google, Amazon, Diercti etc. Just focus on your studies and if possible contact your college and higher authorities to know more about it and such cases of previous year and their statys.
Hope it helps.
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