Academic performance and background, are important factors in the admission process for top B-schools such as IIMs, XLRI, FMS, and JBIMS. However, they are not the only criteria considered during the admission process. Other factors such as work experience, extracurricular activities, leadership skills, and performance in entrance exams such as CAT/XAT/MAT are also given significant weightage.

Having 55% in class 10 and 56% in class 12, and being from a commerce background may not be considered an ideal academic background for admission to top B-schools. However, a candidate's academic performance is evaluated in conjunction with other factors such as entrance exam scores, work experience, and extracurricular activities.

It is worth noting that top B-schools are extremely competitive, and admission to these institutes is based on a holistic evaluation of a candidate's profile. Some B-schools may have minimum cut-offs for academic performance in class 10 and 12, while others may not have such specific criteria. Therefore, it is difficult to predict the chances of admission based solely on academic performance.

To increase the chances of admission to top B-schools, candidates can consider the following:

• Perform well in entrance exams such as CAT/XAT/MAT, which are the primary criteria for admission to most B-schools.
• Gain relevant work experience in a reputed organization to demonstrate practical knowledge and skills.
• Participate in extracurricular activities such as sports, cultural events, social initiatives, etc., to showcase leadership and teamwork abilities.
• Write a strong statement of purpose and prepare well for the personal interview round, as these are critical components of the admission process.

While academic performance is an important factor in the admission process for top B-schools, it is not the only criterion. Candidates with lower academic performance can still have a chance of admission if they perform well in entrance exams and showcase relevant work experience, extracurricular activities, and leadership skills.

It should be Physics-chemistry-Maths-Computers if one wants to maximize their chances of selection and perform well in IPM.

Reasons:

The IPMAT has nearly IITJEE-level maths. The IPMAT consists of two sections: maths (quantitative aptitude and data interpretation, reasoning).

The first three years of IPM require at least nine courses in maths and statistics. Differential Calculus, Integral Calculus, Probability, Sampling Distribution & Statistical Inference, Linear Programming, Numerical Analysis, Optimisation, and other subjects are covered.

Furthermore, other computer-related courses are required. Object Oriented Design, Programming and JAVA, Data Analytics, Data Structure, C, Algorithms, DBMS, Web Development, and so on.

While there are ten courses linked to economics, practically all of them take a more mathematical approach. Except for 5-6 sessions out of 200, classes 11-12, economics is not particularly useful for those.

Why the commerce stream is ineffective - There is only one accounting course. Some management fundamentals and business law courses. While an accounting course may be preferable, I doubt it is difficult to learn. None of those other topics are covered in Commerce 11-12.

PCMC is typically present in 60% of the batch. Only 5% of 11-12 grade students have no math skills, owing to several diversity policies and affirmative actions. This track also aids in hedging one's prospects of admission to other institutions, including BITS Pilani's UG and integrated programs, IISER, ISI, and IITs.

While commerce in 11-12 assists in BBA, IPM is not the same as BBA+MBA, therefore please do not mistake it for that widespread and incorrect misconception.

P.S. - If you are weak in maths or dislike maths, you should avoid IPM at IIM Indore. Other IPMs and a variety of other institutes would be a better fit for you.

Since you seem to be interested in NITIE, IIT Bombay, and FMS, I assume your inclination is towards management courses in operation, supply chain, systems, and engineering. In my opinion, there are 2 things you can do,

• You should sit for CAT and target the top 10 colleges in India, with the most preferred being IIT Bombay and NITIE.
• Find a suitable course in the top 20 universities abroad and apply with GRE

Please note that this is just my personal opinion and your career goals may differ so make a decision based on your inclinations only.

The simple answer to your question is no. If you do receive an admission offer after paying the remittance fees and are not joining of your own will, then the waitlist remittance fee will not be refunded. It will be refunded only under these circumstances 

1. If you withdraw your willingness by claiming a refund through the admission portal before the release of the admission offers
2. If you do not withdraw your willingness but do not receive admission offers also your 20000 will be refunded.

Under no other circumstances will your remittance fee be refunded.