Dear Harsh, 

Since you are asking about MBA colleges, I presume that you are currently pursuing an undergraduate programme at ISBF. Now coming to your question, the ISBF website itself mentions that: 

" In the recent past, ISBF students have successfully secured admission to the postgraduate programmes offered at various institutes of excellence (based in India) such as the Indian School of Business (ISB), Hyderabad; IIM Shillong; and Madras School of Economics (MSE).

However, since some Indian colleges and government job applications may insist on a UGC recognised undergraduate degree, ISBF offers all undergraduate students the option to enrol for a UGC-recognised degree programme with IGNOU. Completing this programme will ensure that students meet the eligibility criteria for any government jobs and postgraduate programmes in India." 

So, going by above assertion, it is likely that if you apply to Indian School of Business (ISB), Hyderabad; IIM Shillong; and Madras School of Economics (MSE), you can get an admission. Moreover, you could write to the admission units of these schools to get more clarity. 

One pointer, while going for postgraduation, especially in case you are looking for any government job options, you should try to get into a degree programme recognized by UGC. This should open the doors for that irrespective of your UG degree. 

Hope it helps.