Physical Delivery in F&O

Post cancellation and square off action taken by I-Sec, can I again take positions in those near month Future and Option contracts eligible for physical settlement?

No. You cannot take any position in such contracts as they will be disabled for trading for the entire further period till market close on the expiry day. However, you may continue trading in the intra-day products if such underlyings are eligible and enabled for intra-day trading by I-Sec.