Dear student,
For doing the MBA location doesn't matter that much.
College matter the most. If it is the top most college which is available at delhi than go for delhi.
There are many top colleges in Delhi like
FMS
DSE
And many more

At kolkata also there are top bschool like IIM calcutta.

Now it's your choice for which college you want to do your MBA.
At the end you are recognized by the college name.

Good luck