HI ,
I think what does matter is 1) Do You Have to work for 4-5 years after ur part time to get back to India ? If Yes then maybe You are right it could be little late.
If No - then maybe you could pursue the course( the schools you mentioned are BIG ones .. Wharton is a sound bet !) and then find yourself a Job @ INDIA.
2)What's your Immediate priority coming to India or doing part / full time MBA?
3)ISB is the best in India and INSEAD is a top among the NON - US , both are good but are you sure to let go of the ''birds in your hand'' ( the admit calls for the schools You have mentioned) for the ones in the bush ?
Hope that helps!