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Dear Ayush ,
For taking admission in MBA you need to appear in LPU NEST exam if you want to take the benefit of last year fee before 31 May 2015.
You need to take below 25000 Rank in CMAT for direct admission. I would suggest you to appear for LPU NEST for your additional benefit.Check following link for this:
http://nest.lpu.in/
For details of fee structure, eligibility criteria and scholarship schemes check following link:
http://www.lpu.in/admissions/admissions.php
If you take admission before 30 May you can avail benefit of last year fee.
You can apply online from lpu website OR Visit lpu campus.
LPU also have number of admission centers across various cities of India contact them for any information and admission, check from following link:
http://www.lpu.in/LPU_in_your_town.aspx
For more details you can contact at 1800 102 4431

PGPIBM (or the i-MBA in short) is a course where you will have regular classes in the 1st year similar to that with the PGPBM classes.and at the end of the 1st year at the time of summer internships (SIP) instead of doing SIP for 3 months you will be placed in a company where you will be working as an apprentice for the remaining course tenure(i.e. for 9-12 months) also you will be paid a handsome stipend while working and if you like to, then you can continue with that same company at the time of your final placements else the college will provide you a final placement which will be at par with the PGPBM batch.
On the other hand if you wish to take PGPBM ,its like any other MBA course where you will be doing your SIP in the 1st year and then come back to the college for classes and projects and then you will get your final placement in the 2nd year.In brief PGPBM focuses more on the academics whereas in PGPIBM one can gain hardcore industry experience.both the courses has its own perks.decide relying upon your own requirements then choose wisely.
And don't worry even after the classes start, if you change your mind you can always switch between the two courses but within two months after the commencement of the course.