BlueRobin
Can anyone please tell me if the adcoms give importance to Alumni Recommendation?
Is there any sort of application fee waiver?
It all depends on how well the alum knows you and can talk about your qualities, strengths, leadership and business acumen. A letter of support from a friend or co-worker alum or current MBA student (beyond the required 2 recommendations) would add a little support, but I'm not sure it won't turn you from a ding to an admit.
I was told in simple terms, if you have worked with an alum (supervisor/manager) by all means get his or her recommendation. If you are simply title or legacy shopping, don't bother. They're looking for content and concrete examples.
On the flip side, if you can get a letter from Warren Buffett or Henry Kravis - don't pass on it

Hope this helps!