I think PG was being euphemistic. I think your chances of getting through with a 610 given the competitive nature of profiles from your background is bleak.
Yeesh ! I am starting to sound like an AdComm
Take GMAT again. If that is not possible for whatever reasons, then I think you should go ahead and apply for ISB all the same. Seriously though, I don't know how much the ISB app costs. Getting the recos, the transcripts would stand you in good stead for next year. And the more important part is writing the application essays. It will be a big eyeopener.
So I reckon you should take it as a dry-run this year with a score of 610. Agar click ho jaata hai, toh mereko pukka treat dean
HTH,
Arun