Distance/Correspondence

Yes, many have benefited from distance MBA. But who? If your organization is ready to promote you only if you have MBA.
If you are self-disciplined, you can actually learn those subjects on your own. And, a degree certificate is a way that you can convey that message out to the world.
Regular MBA vs Distance MBA:
Between Regular MBA from a Tier 3 institute and Distance MBA, I always recommend distance MBA. MBA from a Tier 1 institute - The opportunity to connect with a lot of like-minded people, which you can leverage later makes it special. Almost, anyone can do a distance MBA. It is not rate. Understand that variety is value. It is not a complete waste. But, the value it is going to add depends on you and your circumstances, and few of those are not even in your control. See, how your seniors are progressing. MBA may not be the best way. How about something which is more aligned with what you are doing right now? In depth knowledge in your domain is many times the best way to get into management. Let me remind you something which you already know, there used to be a time when you get a degree and then a job was readily given to you.