CBSE 12th

Yes, you can apply for SAT examination even after taking a drop. This examination happens in every three months which you can give according to your convenience.

Admission is through PUTHAT Entrance test candidates who have passed 10+2 examination in any stream from recognized boards with minimum 50% of marks, and English as one of the compulsory subjects. For the gap of 2year, you need to verify from the concerned department. Following are the details
Telephone: +91 172 2541969, 2534498
E-mail: uihmt@pu.ac.in

Your graduation score is a bit less, I would thus recommend you to try for a very high percentile - in the high 90's to stand a chance.

You should apply and then see for yourself, the criteria is highly subjective based on every year's participants.

To be very honest with you, it looks very difficult to get admission in a top B-school. But still you may apply to tier-2 or tier-3 MBA colleges in India.

Yes, you need to score well in CAT. If you have an Engineering background, it might be really tough but nevertheless do not skip CAT training.

A regular MBA will suit you in case you are looking to diversify your current work profile.

You need an exceptionally good CAT percentile to stand a chance. Don't lose hope, keep working.

You should aim for at least 99.5 percentile otherwise chances are bleak.

If you like English and want to seriously work on it, I would suggest mass communication as it demands good writing skills as well as creativity. It has got prospects in almost all major fields.