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Hi Sahil,
If you would like to be a pilot in the Indian Air Force, you can do so by taking the NDA entrance exam after Class XIIth with Physics & Math.
In this case your training is free and you will be paid a decent stipend throughout your 3 years of training at the NDA, followed by specialized training at the Air Force Academy. After this, you will be commissioned as a Flying Officer and posted as a pilot at an Air Force Station.
Some of the scholarships available are
-The following scholarships are available at IGRUA, in Rae Bareilly (Uttar Pradesh):1. Indian Airlines scholarships
Two scholarships of Rs 4,00,000, each given on merit-cum-means basis per batch.
2. Air India scholarships
Two scholarships of Rs 4,00,000, each given on merit-cum-means basis per batch.
3. Rajiv Gandhi Foundation
For two women pilots on merit-cum-means to the extent of Rs 3,00,000 each per batch.
4. Scholarships for SC/ST candidates
Rs 2,00,000 on training fee.
Additional Rs 2,00,000 by IGRUA to three SC/ST candidates per batch by selection on merit cum means basis. Some state governments award scholarships to SC/ST candidates for training at IGRUA.
5. JRD Tata Memorial scholarships
For four students, of an amount not less than Rs 1,00,000 on merit-cum-means basis. The JRD Tata Trust offers up to Rs 10 lakhs per year to trainees as decided by its Board of Directors.
-A government scholarship for pilot training is available for SC/ST candidates who have completed 10th /10+2.
Hope this information helps. Please feel free to revert. Wish You Luck!

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Amit, realistically speaking you should not expect a call from any good institution with your CAT scores that you have listed. It is clear that you may not have worked enough to make the cut and I am sure you know it. Having said that I want you to think why you want to do an MBA at all. To me it looks like you have not been able to define your goal as a student. May be you need to think a little in that direction and find out what you want to do in life. It is only then you will be able to make a move in the right direction. I think it is important for you to talk to yourself and see how you can bring about changes in your life so that you can make a successful career. Don't be discouraged and there is always time to restart everything.