Hi shivamnanda2009,
Each Business School has it's own 'algorithm' for evaluating applicants (some Schools even describe the process as 'holisitic', which is a fancy way of saying "we don't have a 'checklist', but we know a great applicant when we see one"). When putting together your applications, you have to do your best to emphasize your strengths. Since you can't do anything about your past marks/grades, you shouldn't worry about that. Instead, put your energy into areas that you CAN improve - your GMAT score and your essays/personal statements.
Do you know which Business Schools interest you?
Have you put together a schedule yet (when you'll take the GMAT, when you'll work on applications and apply, etc.)?
GMAT assassins aren't born, they're made,
Rich