Certification

for s/w testing there is ISTQB. it has levels. u can get detailed data here
http://www.guru99.com/istqb.html

b.com honours can be Your good choice from good college

You could pursue a part time MBA in HR,finance,operations keeping in mind your current job profile and grow up the hierarchy .Alternately seek a full time MBA course and explore career options in other industries

You can apply for mutiple course against your qualification but can not pursue 2 regular courses at the same time.

when you completed B.Sc in IT then you can give the C- DAC exam and you can build career with various software

Quality of education : The college has best-in class faculty, who have 25+ live corporate experience in teaching. I'd say(4/5).
Additional certifications : Obviously, students having an additional certificate would have a better edge in grabbing the job market unlike students from other b-school. For a better take/view about the college, please feel free to drop in at the college,the admission dept would be happy to clear all your queries. Good luck:)