One of my friends (IT background) applied last year with a score of 620 and he was not invited for interview. He had good academics and extracurricular too.
My two cents:
If you have time then retake GMAT.( I know the round two deadline is near, and probably you won't be able to apply this year.)
If you can't wait till next year then go ahead and apply.you can take a chance here.
A killer essay works in these times but IIM L doesn't ask for essays.

All the best.
Posted from my mobile deviceThere are no essays? That makes it a near impossible mission.
The Moment You Think About Giving Up, Think Of The Reason Why You Held On So Long Why You Don’t Deserve A 700 On Your GMAT
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