tanimatt:
Q: What should be my most realistic options?
A: I like the set of alternative schools you suggested. It might still be a hurdle, but I say go for them in R1 but keep a handful of backups or even lower-tiered schools ready for R2. I am not as familiar with schools focused on cleantech/sustainability as you go lower on the list of MBA programs, so you'd have to fill me in and we can assess whether it makes sense to put them on the list. They might even be more open to candidates pursuing a second MBA.
Q: Does "high" gmat score in the range of say 750+ can negate my low undergrad cgpa?
A: At a certain point it doesn't make a difference. If you are able to get your target score, that should send a clear message that you are more than capable of handling the rigors of the MBA program. A 750+ would be marginally better, but likely not enough to entirely outweigh your low cgpa. These schools calculate both GPA and GMAT/GRE as part of their class profile statistics and so the 2.80 would go into that mean/median. It'll depend if they think the rest of your profile is worth it for them to take that hit. It's just very hard to say, so that's why I suggest hedging with your school list to be safe.
Thanks for your replies. Really appreciate it