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Hi Shekhar,
You will be required to appear for an entrance exam for which the center is National Law School of India University, Bangalore for theory as well as Viva.
It is for 6 days in total with 5 theory papers on 5 days at the rate of 1 paper each day. On the 6th day, viva in all 5 subjects is arranged. Outstation students are given preference to enable them to take evening train or flight. General Briefing Session (Main Exam only) will be scheduled to be held in the morning for 3 hours on each day of theory examination paper.
An MBL is always preferred over any other graduate, as he/she specializes in as many as ten areas which are very pertinent to the business community. She / He can do all the tasks which an LL.B. graduate can do, except appearing in Courts of Law. MBL graduate can be a Law Officer / Legal Assistant / Legal Advisor in all the areas of business requirement. He / She will be preferred for posts in Banks, Factories, Industrial Houses, Companies, Railways, Commerce and Trade Departments of Government, Central or State Government Offices, other Statutory bodies of the Central or State Government.
M.B.L. is a 2 year course. It is expected to be completed within 2 years, i.e. in all 3 exam chances. If it is not possible, a candidate can plan the scheme of writing the papers. He will have 9 exam chances in 5 years, within which he should complete 10 papers.
Hope this information helps. Please feel free to revert.
Wish you luck.

Hi Abin,
The expected cut offs that can match your score are:
1. Loyola Institute of Business Administration (LIBA) – Chennai.
2. MICA - Ahmedabad 78-80+ Percentile.
3. Institute of Management Technology (IMT) – Ghaziabad.
4. International Management Institute (IMI) – Delhi.
5. Xavier Institute of Management - Bhubaneswar (XIMB).
6. Department of Management Studies (DMS) - IIT Delhi.
7. T A Pai Management Institute (TAPMI) Manipal.
8. University of Petroleum and Energy Studies – Dehradun.
However, you need to confirm with Institutes personally for exact scene. Secondly, if core domain MBA is what you're looking for then give a shot to UPES as this has done pretty good in terms of Placements, industrial exposure from last few years. Many big brands are considering it for recruitment and considering your score I think you can crack the interviews pretty well and get handsome packages in campus recruitments.
Good Luck.