Full Time MBA

Yes, you can pursue!
Even a degree from IIM might not be of value if you do not learn anything while pursuing it.
Since, you haven't specified the nature of use of an MBA degree to you, I'm assuming you are a working professional inclined towards gaining the theoretical knowledge of management through an MBA from IGNOU.
Now, if I compare IGNOU to other distance learning universities like SMU and Symbiosis, IGNOU clearly stands out owing to the well-structured course material and the importance of assignments. The faculty who are mentoring SOMS IGNOU(School of Management Studies) are top-notch professors from IIMs, IIFT, and senior officials from government bodies.
But it you expect an MBA to be equivalent to a regular MBA degree to get a job, I fear that won't be possible. MBA curriculum in most universities in India is very rigid and intensive. This is because a future manager is supposed to perform under pressure so a management student is subjected to that pressure from the very first day during his MBA degree. Therefore through regular case studies, discussions and extensive knowledge sharing in peer group a regular MBA is considered to be of a much higher value than a distance MBA. But regular MBA requires huge investment in terms of both time and money.
So, if you are already in a well-settled job in which you plan to climb up the ladder to a management position or just to gain insights about the theoretical aspects of management, an MBA from IGNOU will surely help you serve the purpose with minimal investment of both time and money.
Hope it helps. All the best.