Short Answer:

Yes, there is!

Long Answer:

I'm guessing that your primary concern would be about whether you are too experienced for a B-school program. Take a look at the below stats -

a. Last year, ISB had students ranging from 22 years of 42 years of age ( for its full-time PGP program). The PGPMax program is an even better fit for you, with an average work-ex of 18 years!

b. IIM-A in its last year, admitted 20 people over the age of 35 ( roughly about 24% of the batch size) to its executive MBA program.

c. At IIM-B, 13% of the Executive MBA class last year was over 33 years of age.

At 39, you certainly have a chance of getting admitted to a top B-school in India, though it won't be easy..You will have to really convince the AdCom about WHY B-school is required for you to meet your career aspirations.

Your next question could be about your unconventional background. Well, 18 years in the Indian Air Force definitely ups your diversity quotient, and could be a huge advantage for you!

About your academic background - though your grades do not stand out as extraordinary, they happened a long time ago..and hence will not be as relevant as your GMAT score, in determining your academic potential. If you can get a 700+ score on the GMAT, you're clear on this front as well

To sum it up, the make-or-break factor in your application would be how well you communicate your NEED for an MBA education.

All the best!