wow 110 Deg C for the GPU ! In my original post, my GPU was reaching about 82 deg.
But as Neo mentioned, underclock the GPU a little. I did that and had a very smooth experience. The card worked fine and did not draw more than 200W and maintained 72 Deg.
While it worked fine for some time, it did shut down a few times and it is when I resorted to change the PSU. Got a 850W psu and haven’t had shutdowns till now.