UGC

You could apply at the time of B.Com itself, because B.Com and LLB together helps to you know save the time and years.

IBS Munbai is not AICTE UGC approved. For Pune campus, see below link:
https://www.shiksha.com/mba/course/post-graduate-program-in-management-ibs-business-school-Pune-hadapsar-159596.

National Assessment and Accreditation Council (NAAC) - An autonomous body established by the UGC to evaluate quality of higher education institutes in India. It grades an institution from A+ (best rating) to C. Rating D indicates that the institution is not accredited.

Madurai Kamaraj University is a Statutory University, established in 1965 by government of Tamil Nadu. It is recognised and funded by UGC and is a member of Association of Indian Universities. It has been accredited by NAAC with grade A.

All UG/PG distance Programmes of Madras University are recognised by DEB - UGC, New Delhi Video letter No. F. No. 2-5/2018 (DEB-I), Dated: 16.08.2018 and letter no. F. No. 1-6/2018 (DEB-I), Dated: 03.10.2018.

This institution is approved by AICTE.
Good luck

If the university is recognised by the UGC, then there won't be any issue with the validity of the course. So, only universities can offer MBA programmes. PGDM: A Post Graduate Diploma in Management (PGDM) is a Diploma course offered by the institutes that are recognised by the All India Council for Technical Education (AICTE) and which are autonomous and not affiliated to any university.