Should I pursue MBA from BIMM or through distance as I have completed my B.Com and working with Berger Paints (2 years) at a package of 5L?

No, try for other better colleges as you are already earning 5 lacs so try to get admission in college which has an average 8 LPA or more than that. Otherwise, in case of distance MBA if in the company you're working says that if you get an MBA degree then you will be promoted or the increase of pay

It is better to try one more time through CAT. A good score will definitely help you to get a good B-School. As you are already earning Rs. 5 lacs/annum, doing MBA from an average college will not enhance your pay/job profile. So, either you try hard next year or look for executive MBA after getting