I have a script buildllt which uses #!/bin/sh. So, if I run the script using /bin/bash buildllt. What shell interpreter will the OS use? sh or bash
Of course /bin/bash. The shebang is for the OS to determine which interpreter to use when the script file is executed directly, i.e. when you run ./buildllt. The operating system will read the first line and choose a interpreter for the script. If you invoke bash buildllt then the OS simply executes bash and supply the script as an argument, then bash will ignore the shebang line (because it starts with a hash which is considered as comment).
See more about shebang on Wikipedia
If after running the script using default shell sh, can we export SHELL env variable as export SHELL = /bin/bash
Yes, but it won't have any effect. The SHELL environment variable is to determine which shell to be used as a user's login shell. It's specified in /etc/passwd and is only effective with shell login (like su user or when you log in from a terminal, no effect when logging in with a desktop environment like GNOME). Even if you change it, later scripts won't be affected. They are still run with the interpreter specified by their shebang lines. You surely don't want a Python script #!/usr/bin/python3 to be run by bash, right?
BTW, as tripleee pointed out, export does not accept spaces around the equal sign. You need to write this to make it work.
export SHELL=/bin/bash
#!/usr/bin/env sh,#!/usr/bin/env bash,#!/usr/bin/env python,#!/usr/bin/env python2, etc.