They check for varied things -
1. The overall strength of your profile + Feedback from the Interview conducted. Based on this, can you be eligible for scholarships ?
2. Some business schools do a background verification check on your profile
3. B-Schools strive to add the best possible variety to the course. So, if you did your interview closer to the intake, they might think if you are genuinely different from the rest of the profiles or is it okay to give you a wait-list and admit you to the next intake.
These would be only some of the answers that an admissions panel would look at. Trust it helps.
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