Hi devdattajoshi,
When it comes to applying to Business School, if you don't have a strong enough OVERALL profile (including a competitive GMAT Score), then the application deadlines don't really matter. The goal is to get in to your first-choice School (regardless of which Application Round you apply). While I know that the idea of pushing back your application submissions probably does not make you 'happy', the reality is that you need some serious time and effort to improve your GMAT score.
There are a variety of score 'combinations' that will lead to a 690+ GMAT score. Given the two CAT scores that you've listed, you'll likely need to make some significant improvements to how you handle BOTH the Quant and Verbal sections. Since you've already studied for the last 2 months, but you're still 140+ points from your score goal, you would likely benefit a great deal from investing in a GMAT Course of some type (either Guided Self-Study or instructor-led).
1) What Schools are you planning to apply to?
2) What is the latest Application Round for each School?
GMAT assassins aren't born, they're made,
Rich