I am a student pursuing commerce with IP. Can I pursue MBA from IIMs?

Yes. You need to secure min. 50% in graduation to be eligible to give CAT exam, and get a very good score to expect a call from all/some the top IIMs.

You are eligible to appear for CAT examination on completion of your graduation degree with min 50% marks to seek admission in MBA. You must make efforts to excel in your studies.