Maharaja Agrasen Institute of Technology

You will get a good college. But as you are from outside Delhi
I'll advice you to check http://ipuadmissions.nic.in/ for rank cutoffs.
Top Ip colleges are
1.USMS
2.MAIT
3.DIAS
4.RDIAS

Yes, It is worth doing MBA from MAIT. MAIT is the second best college under IP university for MBA. MAIT provides an avg package of Rs.3-4 lakhs pa for finance and Rs.4-5 lakhs for marketing.

You'll definitely get a college.
As you are outside Delhi resident I will advice you to please check ipuadmissions.nic.in for colleges.
The top colleges under IPU are
1.USMS
2.MAIT
3.DIAS
4.RDIAS

No IP doesn't considers MAT scores.
It has its own exam named CET and admissions are done on the basis of CET ranks.

Yes you will get USMS.
Last year USMS admitted up to 185 rank for general MBA.
And for MBA in financial markets it went up to 461 rank.

Hey.
The total fees of the college is Rs.97,500/- per year (including 2 semesters and excluding hostel fees)
For direct admission, there is a clause of management quota.
You can refer the following link for further information and admission productive under management autos quota.
Link - http://www.mait.ac.in

MAIT will be a better option for you. As it not only exposes you too academics but also provides extra curricular activities.
Moreover MAIT has quite bigger campus than DIAS.

Timings are 10AM-5PM only for the second shift.
Only in university site its mention 12PM-7 PM.
No college in IP runs classes late than 5pm be it 1st shift or 2nd shift.

Its difficult to get MAIT 1st shift.
You'll get MAIT 2nd shift easily.
There is not much difference in 1st and 2nd shift except for the timing that too only 1 hr difference.
1st shift timings 9am to 4pm
2nd shift timings 10am to 5pm

You'll get MAIT with this rank.
USMS will not be possible.