@Dhonu121 its not about what you have in your profile (how little or how much), its about presentation. And I never mentioned anything about NOT retaking it. In fact, I did explain that getting in to ISB would be tough. So what you are saying is in alignment with what I am saying.
@ngupta27 - Like I said, it is about you taking time to think long and hard about your profile. You mentioned all these experiences, but don't mention it to the admissions committee like this. What you need to show is the IMPACT of your activities!

And that I think you can do- Like, how many people did you touch via your social work ? How do you manage your time and resources running the musical classes ? How does your leadership of the club impact anyone and how are you as a leader ? If their is any way to quantify things do that for sure.
In saying all that, there's is still time for you to re-take if you want( the new IR section isn't all that difficult). Maybe if you target July-end/August. Take a look at this guy's strategy too, getintobschool.weebly.com - I mean best to follow a way that has worked. Focus on RC, painstakingly solving every official passage - OG12/13 or VR2, using some strategy. It raised my V from 35/36 to 41-43 in about 2 weeks. Working on my CR raised it 43 above. We keep focusing on SC when 2/3rd of the test is RC and CR. And scores on RC/CR can be improved (** with lots of work)! Imagine Q 49 V41 (assuming you somehow do not improve in quant)!
At the same time, squeeze in some time for thinking about your profile. Its about your BRAND. I'm definitely in a similar boat as dhonu, but i did get in to one school and without scholarship. And my friend(who's a year younger) got in with 100% scholarship to RICE, he is 24 and so we must aim high, else we won't reach anywhere.
Please find the following resources. They will be useful:
1. The Best Business Schools' Admissions Secrets - A Must have book.
2.
https://www.aringo.com/clientinfo/chance ... n27985.htm - I got this link from PoetsAndQuants.
A free tool to check your profile, again, you could be a 780 with great experiences, but no presentation=no getting in! These guys get people in who have literally very little in their profiles. They're expensive, but this calculator thing is free!
3. Tip - Get your profile evaluated for free by as many consultant companies available here on BTG (via phone or skype) as you can. They don't try to sell anything on those calls, and they were the best help I got.
All the Best!