if any arrear of BE in last semester ,shall i apply mba counselling?
Yes you can apply, but you need to clear your arrears before getting call from the MBA college if you got selected and called for interview.
You can go for various MBA entrance exams like CAT, MAT, XAT, SNAP to get into good colleges.
These Exams allow you to sit even if you are in the final year and will be passing this year without any backlogs.