It depends on you whether you want to join XIMB or try for IIM one more time. If you have the option to take a drop and pursue again it’s worth it. The only condition is that you will have to hustle more than ever and commit even harder than before.
If you have work experience of 2 years and can manage a year of preparation then definitely go for another try at IIM. However, if you have no option of taking a drop and have to choose XIMB it is still great as XIMB is also one of the leading B-schools in the country in every way.
Also, with work experience of more than 2-4 years, XIMB will boost your CV. If you are fresher then taking a year off may not be wise. As during placements your records will be seen and it may create some negative impression.