ISB Cycle 1 and Cycle 2

Hi I am preparing for GMAT. I am planning to appear for it this Aug. I was looking through dates for ISB admission process. There it is mentioned that there are two cycles Cycle 1 and Cycle 2. Can someone please tell me what is the difference be…

Hi I am preparing for GMAT. I am planning to appear for it this Aug.
I was looking through dates for ISB admission process. There it is mentioned that there are two cycles Cycle 1 and Cycle 2. Can someone please tell me what is the difference between the two cycles. Is it like you have to first clear the Cycle -1 and then you can apply for cycle 2. Or can we apply in any of the two cycles. ?
Thanks in advance....