Hi gauravbhatia,
The extra information you've provided is helpful; it points out some of the things that you can improve on during this next round of studies.
1) Many Test Takers study for 3 months (or more) before they hit their 'peak' scores, so it's likely that you just have not put in enough time and effort yet.
2) You didn't take your CATs in a realistic way - skipping sections makes the CAT shorter/easier than what you will face on Test Day. You trained yourself for a different experience than what you faced on the Official GMAT, so when you faced the FULL GMAT your performance suffered. If your CATs differed from Test Day in OTHER ways, then the score difference can increase even more.
3) You did not appear to have much of an overall study plan and you were not using a consistent set of resources.
Thankfully, the GMAT is a predictable, standardized Test, so you CAN train to score at a higher level. Given your score goal, you'll need to improve 140+ points (and all of those points will have to come from the Verbal section - you won't be able to get your Quant score any higher). You'll probably want to invest in a Course of some type (either Guided Self-Study or instructor-led).
When you stated that you planned to apply to Business Schools in 2016, does that mean that you're planning to apply for Round 2 in December/January or that you're planning to apply NEXT fall?
GMAT assassins aren't born, they're made,
Rich