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Yes, you can pursue!
Even a degree from IIM might not be of value if you do not learn anything while pursuing it.
Since, you haven't specified the nature of use of an MBA degree to you, I'm assuming you are a working professional inclined towards gaining the theoretical knowledge of management through an MBA from IGNOU.
Now, if I compare IGNOU to other distance learning universities like SMU and Symbiosis, IGNOU clearly stands out owing to the well-structured course material and the importance of assignments. The faculty who are mentoring SOMS IGNOU(School of Management Studies) are top-notch professors from IIMs, IIFT, and senior officials from government bodies.
But it you expect an MBA to be equivalent to a regular MBA degree to get a job, I fear that won't be possible. MBA curriculum in most universities in India is very rigid and intensive. This is because a future manager is supposed to perform under pressure so a management student is subjected to that pressure from the very first day during his MBA degree. Therefore through regular case studies, discussions and extensive knowledge sharing in peer group a regular MBA is considered to be of a much higher value than a distance MBA. But regular MBA requires huge investment in terms of both time and money.
So, if you are already in a well-settled job in which you plan to climb up the ladder to a management position or just to gain insights about the theoretical aspects of management, an MBA from IGNOU will surely help you serve the purpose with minimal investment of both time and money.
Hope it helps. All the best.

You have completed your first year. So, its a bit difficult task to change the college now.
A student can change the college in the first year only through the procedure of internal sliding.
After completing the first year its bit difficult to change college, as many colleges do not support this practice.
Changing college creates problems for the examination department, and to save themselves from this headache they do not let students change colleges after the first year.
Also in the first year, you can suppose to change only college, not the university means you cannot change the university you can change the college and can get admission in the college running under the same university.

HI
Distance education MBA has equal importance like the regular MBA because:
In most cases companies do not know whether you obtained your degree online or by full time study or part time study.
There is no mark on your degree whether you have earned the degree online or on campus.
Your college is accredited or not is the most important thing. Any course offered by an accredited college has equal value whether it is offered online or on campus.
Online exams are more beneficial because your participation in the class are important than the assignments you do.
All these things help you learn properly and give you clear picture of your course.
So, I think there is a huge scope for distance MBA too along with regular MBA

Regular MBA:
There are several ways to boost ones professional career. When it comes to advanced degrees, two great options are a MBA or an Executive MBA. Contrary to popular belief and despite being off by just one letter, the programs are not one and the same. Read on to find out the difference between an MBA and an e-MBA.
Entry Points
Choosing between a MBA and an EMBA may depend on your goals. Individuals with 10-15 years of professional experience may find EMBA programs to be more rewarding. This is because MBA curriculums are designed for individuals with less work exposure. A MBA is a great way to step up in an industry by taking on new roles and positions.
On the other hand, an EMBA can be used to enhance a set of already established business skills. Thats why prospective MBA candidates need to consider if its a better idea to wait a few years, gain experience in the industry first and then go for an EMBA.