HI BHAIRAV,
If you are completing 2 yrs work ex in 2007 then I would suggest you to apply in 2007 & not in 2006 .... the reason being that, if you are a reapplicant you have to justify "what are the improvements in your profile since the last time you applied" which I believe is little diffucult to do.... more over atleast 2 yrs work ex is required there are exceptions (freshers) but they are not more than 10 and they a Sachin Tendulkar's with 90% makrs through out....Hope you got that .....
Dude I am not discouraging you to apply but I telling you what I know ...... Best thing would be to speak ISB alumni.... the link is their on thier web... explore and let me know the outcome......
Hope to hear from you....
Azeem