Hi Sarat,
With 9 years of experience you're a little senior for many top-20 programs, so you'll want to make sure your GMAT is at or above the median for the schools you're applying to. I find that the farther a candidate is from their undergrad years, the more that GMAT needs to be above the school's average -- and I do mean the average, not the 80% spread. They will also expect you to have a really strong sense of why you want an MBA now, and why this particular school. Research, class visits, and clearly defined post-MBA goals will be valuable here.

Without knowing your leadership or community service history, it would be hard to assess chances, but you'll find that some of the one-year programs, such as Kellogg's or the Columbia J-Term, will have a slightly lower expectation in the GMAT than two-year top MBA programs. If you're looking at European programs, many of which are one-year anyway, you'll be able to assess your own chances easily by looking at their class profiles. Most top MBA programs expect a GMAT above 700 as a starting point, so if you believe that you can retake it and get your numbers to a more competitive level, why not give yourself that extra advantage?

You might also consider a part-time MBA from a top business school. Because you're in that gray area -- slightly senior for the full-time MBA, slightly young for an EMBA -- a part-time, fully-employed MBA from a "brand" school might be a better bet for you.

Good luck!
Margaret Strother