Dear Ajit,
ISB has a very good reputation but it is providing you with a diploma as opposed to a Masters degree. Also I hope you know that to do your PGP in Management from ISB you require 2 years of work experience. Personally I feel you must go for the MGB program. It is especially for students with less or no work experience and they are offering you a masters degree too!. Also, they are providing you with placements I don't think ISB is doing that.

Dear Ajit,
ISB has a very good reputation but it is providing you with a diploma as opposed to a Masters degree. Also I hope you know that to do your PGP in Management from ISB you require 2 years of work experience. Personally I feel you must go for the MGB program. It is especially for students with less or no work experience and they are offering you a masters degree too!. Also, they are providing you with placements I don't think ISB is doing that.

Really? Do you have any idea about the placements? Are they any good?

They are really good. In fact I have read in a placement report that this year 12 students got a package of 20 lacks. That too without work experience. I think that is really impressive. Take a look at their placement reports.
https://www.spjain.org/gmba/placement_updates.aspx

Definitely SP Jain Global School of Management. Not many people know that it is not just popular, but is critically acclaimed too. They're one of the top 10 colleges in the world for one year MBA by Forbes. Plus with the global campuses in Sydney, Mumbai, Dubai and Singapore, SP Jain Global School of Management is a clear winner.

Your score is quite good actually. I was in a similar dilemma a few years ago when I got 720 in my GMAT. I had received interview calls from the same institutes, but I was hell bent on the foreign university. But a little more research made me change my mind. I realised a fact that SP Jain's Global MBA actually makes you learn in different cultural settings to understand how things work in different cultures. Their MBA enabled me to learn things at different cities in Mumbai, Dubai, Sydney and Singapore. So I chucked IBS in favour of SP Jain. Hope this insight helps you make a better decision.