As promised by Micromax, the Micromax A110 jelly bean upgrade is now available, it could take few days before the service centers download the update. It would be better to get the handset upgraded from the Micromax Service center.
For those who cannot wait can grab the V3 upgrade from the Micromax ftp website. You can easily search for the MMX FTP link / user and password on the net. Inside the A110 directory you will find the V2_06121 and V3_120313_Update to Jelly Bean directory.
Just download the file which is around 289MB and the installation procedure is the same like we did for the V2 ROM. Do read How to upgrade to V2 article. Do note that though the procedure is the same the files / directory are different so just use it accordingly.
I will try getting my handset upgraded to Jelly Bean within few days and will update. In the mean time those who have successfully installed the V2 on their own can try this new V3 ROM and do leave a comment.
Thank you Shreyas for letting me know about the V3 availability.