Vikram,
It's true that business schools see promotions as evidence of atypical career progress, so in that sense an applicant who can point to promotions (especially promotions ahead of the pace) is at some advantage. At the same time, schools also understand that sometimes there are promotion freezes and so a lack of promotion is not a reflection of the applicant's career potential. The question I would ask you is whether you really want to leave your current company. To leave a job you like solely for the sake of potentially improving your chances of admission to business school is not prudent. Better to explain to the schools (a) why your company is not promoting and (b) all the ways in which you've shown atypical career growth within your current title. Finally, if you have been assured you will get a promotion this December, then you can tell the schools that the promotion is coming (have your recommenders confirm this). It's OK that you won't start the new role until the applications are submitted.
--Paul S. Bodine,
https://www.paulsbodine.com,
Great Applications for Business School vikram4689 wrote:
This months marks my completion of 3 years of professional life (i.e 3yrs experience) and hasn't had 1st promotion since i joined and same is the case with all my peers at my company. However, my college mates, in another company, have received promotion in April-2012 but promotions at my company, which were due this month, are delayed till December-2012. I would be applying in R2 which is in January-2013. I would like to know whether the amount of time i spend in promoted designation matters. If yes then i should change company and get promotion right away...