Hi princebatra,
Business Schools often take weeks or months to determine who to invite to attend their respective Programs, so as long as your application is in on time - and you have a Score to report (even if they don't immediately have access to the Official Score Report), then your timeline and application plan should be fine. In addition, many Programs will consider accepting a GMAT Score after the application has been submitted (meaning that you could potentially retake the GMAT to Score higher - and bolster your application(s)).
GMAT assassins aren't born, they're made,
Rich