Hi abhijeetsingh,
The schools that have extended their current deadlines have made it clear that even though they're waiving GMAT scores due to COVID, they are NOT lowering their academic standards. Therefore, they'll be scrutinizing applications for other signs of academic quality and performance, such as undergraduate GPAs, rigor of quantitative work tied to job responsibilities, professional certifications like the CFA exam (if relevant), etc. If they have any doubts about an applicant's ability to handle MBA-level coursework, they will not admit that applicant now, even without a GMAT score.
The other factor to consider is the amount of time that it takes to put together a strong application (or multiple applications, if you're planning to apply to more than one school). Generally speaking, most applicants would be able to put their best foot forward with time and planning, rather than rushing to submit a hurried application now. Essays in particular take a long time and multiple revisions to reach their maximum potential, as do letters of recommendation.
Of course, you could always submit an application or two now just to see where you stand, but I would recommend that you prepare mentally to go through with your GMAT and submit applications in R1.
I hope that helps, and good luck! If you'd like to chat further, feel free to reach out to us at
www.admissionado.com.
Best,
Doris