Yes, Of Course.
Not every IIT will allow you admission But there is IISc and some Other Old IITs which do not care about your Past or your miserable B.Tech performance. They just see How you're performing in present. Get a Good GATE rank and get into IISc or Some IIT.
I had many Backlogs in my B.Tech (More than You can imagine unless You imagine 17 because I Only had 16), But afterwards I have worked pretty well and Got AIR 67 this year and Have gotten IITB and looking forward to be getting into IISc.
So, Stop worrying about your past performance and Enjoy GATE. (Or Think about such things After You crack GATE)
All the Very Best!!