Hi Arkabrata,
A 740/Q50 is an outstanding score, so you can comfortably apply to any Business School that you choose. Since many Business Schools have publicly stated that they don't use the IR score as part of the application process, you have nothing to worry about there. As long as your AWA is a 4.0 or higher, you don't have a problem there either.
There are a variety of questions that YOU have to answer about what you want out of an MBA and the parameters that are important:
1) Is there a particular company that you want to work for or industry that you want to work in? Certain degrees are more appropriate than others if you have a specific career goal.
2) What do you want your MBA to do for you?
3) Do you want to go to School full-time or part-time?
4) Are you willing to relocate? Are you comfortable with working through a program that is primarily online?
5) Are you going to be applying for scholarships?
Etc.
Once you've determined what type of Program you want to attend (as well as the other variables involved), then you can start to research and narrow down the possibilities.
GMAT assassins aren't born, they're made,
Rich