MBA Entrance Exam

You can apply for CAT from Arihant.

yea it is compulsory

You can get admission. For this, you have to appear in CAT, MAT and XAT exam. You can give any one of these exams.

If you join now, you would at least need 4-5 months.

Nope, you cannot once decided.

Not at all. You just need to be honest and well-versed about what everything you've mentioned in the application form and other questions like "Why MBA?", "Why MBA from this college/university?", etc. The interview process is based on selection, and not rejection. So, unless you yourself screw up the interview, you are very likely to get selected. Of course, you need to have a great score(95+ percentile) to be considered for the interview rounds. Plus other factors also need to be in your favor, like good academic scores, work-ex, etc. Cracking an MBA interview is not difficult by any means. Good luck!

Yes, of course you can attempt CAT 2016 even if your graduation completion year is 2017.

Yes, cut off is approx. 95 percent.
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You can apply for Symbiosis or SP Jain Global Program.
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For getting admission in MBA institute, you need to maintain at least 50% in 10+2+3 academic career, so you are eligible for CAT exam as well as admission in MBA institute, you can ignore your LLB score when you apply for MBA.
All the best.