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sujith
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I've spoken with a few alum's who also did their undergrad @ Cornell, so I get the impression that the Ad/Com likes these applicants.

I would think your strong GMAT offsets your GPA; so as long as your essays present a compelliing picture I think your chances are pretty good.

-Steve
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One concern Cornell has is that people use them as a back-up school. They are also concerned that people will not want to travel to their remote location. Since you attended undergrad there, they will probably not have these concerns about your application.

Your GPA is slightly below their middle 80%, but your GMAT is well above the middle 80%. I would guess that you are competitive, but not a shoo-in. If you have strong work experience and activities and execute well on your essays you should have a good shot.
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For comparisons sake, I was a 3.0 gpa and 730 gmat. I got an interview invite.

Also see admissions411.com
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sujith
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thank you guys for the response.

For the Cornell applicants, how long after you submitted your app was the
request for interview?