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Hello Sarabjeet,
I would like to clear your doubt that there is no problem if you take admission in a B school if it is approved by A.I.C.T.E as far as the NIRF rank of the college lies between 1 to 30, if it doesn't than I would say you try for any other college with better ranking, also the things to keep in mind is the return on investment, college reviews on our site and also the placement scenarios of the college you are willing to take admission in.
Regarding your second doubt I would say it is totally safe to take admission in the first batch as far as all the above conditions are checked and verified by you.