M.Com

Dear Ashish,
If you are only interested into subject specialisation, than you can go for M.com. However, if you believe into overall exposure to get all round knowledge, than it is advisable to pursue MBA. It will provide you with the live exposure of the challenges that management faces. The key to handle various situations into business can be better learnt through MBA. I hope this would suffice. All the best and God bless you.

As far as I know, no reputed B-school allows candidates having backlogs pending in their graduation. So, you need to clear all the backlogs in order to stand a chance of getting admission. Moreover, the academic session of almost all the B-schools has already started in June-July so you have to anyways wait till next year.

MBA is a better course, as you will be equipped with better managerial skills to run a sustainable business. MBA is a way of life like military, for taking action towards infectious enthusiasm which makes you immune towards adverse market conditions.