Wow - "Counselor" makes us sound so official!
Let's see what we can say about your profile Ark,thanks for asking for input.
On first blush, you're qualified for a good MBA program, however whether or not it's going to be easy for you to crack into the best schools is a big question mark. Your grades in college are adequate but not exemplary, and that's the same story with the GMAT - a 700 is certainly a solid score if you look at the test overall however when compared to the most competitive Indian candidates, it's below the average. The quant is a bit lower than we'd expect to see from someone with an engineering background.
At the same time, you're a bit older, and the GMAT scores do go down in older populations. Plus, GMAT is not the most important thing on the application - it helps but it's not where all the decisions are made. Our advice on the GMAT: If you only took it once, and if you think you can do better - which we assume that you do, else you wouldn't be asking that question - then yes, take it again. If the 700 score is the best you've done after many attempts, then no, stick with that and move on to your applications. It won't keep you out since a 700 is in fact a good showing but it's not helping to distinguish you.
To a large degree, how you fare in this admissions thing depends on what you want to do with the MBA and what your own criteria are for choosing schools. You didn't share any of that with us so we really can't do more than say "you're qualified." It completely depends on your goals and your reasons behind needing to go back to school, and also what you're looking for in an MBA education. Because of your extensive work experience, some of the American schools may feel that you're a better fit to their EMBA programs; the European schools might be more open to your profile. It really depends.
If you want to reply back with more information and specific questions, we'll try to help further.
We also have a gazillion articles about all this stuff on the essaysnark blahg - as an example, this post talks about why the full-time MBA is typically seen as a younger person's game
and here's one called Why the focus on age in bschool admissions?
Hope this helps, you're in the right place to do a lot of research on the schools and your timing is good. That's a great start right there, good luck on everything else and let us know if we can help!