No, age is not the limit when considering an MBA from IIMs. In fact, the peer group comprises students of diverse age brackets and backgrounds.
One of my friends age 26 recently got admission to IIM Bangalore. He notice most of his batchmates were young and fresh from college but the overall learning experience was very empowering and diverse. While others might question your decision and try to demotivate you, remember only you know your real worth. Don’t let others' opinions weigh you down and give up something you dreamed of.
My cousin completed his engineering, went to MIT, and even has his own start-up, but is currently pursuing PGPM in IIM Bangalore. This clearly proves that there is no right time or age for an MBA. Most importantly, if the admission committee of IIMs deems you suitable for an MBA, then your age should be your last concern.