Dude, it depends on what r ur plans after graduation
Just keep in mind that even if u get a very gud rank next yr.,this yr. will be counted as a gap yr in ur career.
So if you will go for mba in india after grad. ,mostly, this leaves a negative impression on the interview panel.
However if you pursue ur masters from abroad i was told by somebody [who is currently doing Ph.D in U.S. that gap yr. does not matter.
Even in india,if r smart enough and hav a gud interview u can get a very gud mba college.
And as u might knw. that masters in iit r not considered as gud as undergrad.s,so might hav to go abroad.
Another thing which can be done is that u may take admission in some college and then prepare.However it depends on ur ability to simultaneously handle 2 things at a time -college and prep.
Then if god forbid by chance u again hav some problem next yr, too then u surely can't drop another yr.!
IIT's r very gud,no doubt but but mostly IIMs students get much better packages as compared toIIIT's
Reason - in india around 80,000 engineers pass out every yr. out of which around 3000 are top notch,and around 30000 are gud.
After 1990, when management institutes were opened in the country after the policy of globalisation and liberalisation by manmohan singh the then finance minister, the need of managers has sky rocketed and will continue for a few decades [as i read in a magazine bussiness world].
The demand for engineers is still there but there is shortage of gud mba graduates in india.
So later,u can drop for mba if u want as when a person has mba it is not seen that whether the pesron is an iitian or a even a b.com. graduate.
As most of the high paying jobs are managerial,most of the engineeers r going for mba these yr.s ,however if u hav no interest in business or you hav interest in pure sciences or if u do not want to get any masters, u may consider a drop.
All of it depends on ur aim---whether u r sciences r a passion for u or r u intersted in making big money.