It is a decent college provided you do not have any other options and it is mandatory for you to start your post-graduation this year itself.

But in case you are in a position to take a drop and prepare for next year's entrance examination then I would strongly recommend you to do so.

Due to huge number of private institutions coming up doing an MBA has become just another thing, so it's better that if you are really serious about doing then give it another shot next year and try to get into one of top 30 B schools of India.