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Regular degree is better and valuable than the distance one. Regular degree helps you better understanding the course as the lectures will be on a regular basis and doubts also got cleared in the classroom. Also, the regular course helps you get job placement but not in distance. If one has time then I will recommend you to go for Regular one. But be sure you take a regular degree from the right college. If you want any suggestions for college then let me help you. There is a college Dr C. V. R. U. in Bilaspur (https://www.cvru.ac.in/) which is the best college as I can say this with my personal experience. This college has the best infrastructure and the most experienced faculty. And the college management also focuses on co-curricular activities which help in the personality development of the student. Also, the college fees are average and comes under the budget of medium class family. It also provides regular and distance course
One must visit CVRU Bilaspur before taking admission in any college.

No, MBA is better when you done it from regular college. In college when you attend regular lectures, participate in all co-curricular activities, prepares for mock interview then MBA could be a good investment. But the only thing matters is the college from where you pursue an MBA. College plays the most important role in MBA. PGDM is also more valuable and enhance your skills when done regularly. The best college for MBA in my known is Dr. CVRU Bilaspur (https://www.cvru.ac.in/). The college also focuses on education and as well as personality development. Mock Interviews preparation is also good and helps a lot in cracking interviews as I can say this with my personal experience.

NOC is the No Objection Certificate, which is required by the college. Let me understand you through 2 scenarios. Scenario 1: If you want to change college in a university then you will need an NOC. Like you complete 1st year in college and you change the college, and in a new college, you will study from 2nd year. Here NOC will help the new college in knowing that last college has no objection to leaving your last college. Scenario 2: If you want to change University then there is no requirement of NOC as you will take a new admission. When you have decided to quit with your college, then I would like to say be smart and careful while choosing your new college. As far as I know, there is a University - Dr. CV Raman University in Bilaspur (https://www.cvru.ac.in/) and it is a good university. You must visit in CVRU before taking admission anywhere. Best of Luck.