I have admission offer from Manchester B school. I have 9 yrs work ex and 3 yrs IT consulting ex in Norwich Union, UK.I want to join likes of EY, Deloitte, ATK after MBA and then go back to India after 2 yrs of work ex. in UKManchester MBA- will it be a right choice for me?

Yes, it will be fine.

Thanks for the reply. Do you think it will be really worth to defer the admission for a year and apply for Oxford in October? I have First class honors degree in engineering ( very good acads), 9 year work ex. Will it be worth to wait for one year or shall I take the plunge now?

It won't make a significant difference relative to your goals. Unless you have other reasons for deferring, you'd be better going with the offer you have and taking the benefit of the extra year of post-MBA experience to further your career with EY, Deloitte, ATK, etc.