Bb i see myself in this post

As for the question, i think the source you got this info from is not a reliable one ...
Gmatbugsme84 is the id of a person who has 4 attempts at gmat with the last one being 720 and was called for the interview.
He was waitlisted after the interview and finally dinged. But that is not what should matter. The point I am putting forth is that the ISB people do not reject based on the number of gmat attempts.
To add to it, ISB people gave him a feedback that he may consider retaking the GMAT.
Hope this clarifies all you doubts

PS: i myself am contemplating about the retake
Posted from my mobile device