Should I take IIM-Kashipur/IIM-Raipur or take the CAT &/or GMAT again?

I know this decision is a bit difficult to make. What you need to keep in mind is that these two colleges should not be compared to other great IIMs or even ISBs. Those B Schools are at another level and cannot be on par with Kashipur or Raipur. To facilitate a better decision, I will mention the circumstances of these B Schools then you can choose after considering all options.

1. IIM Indore and IIM Kashipur: Both these colleges are not worth a year drop as they will help you earn only an extra 1.5-2 LPA. Moreover, in the coming years, Kashipur and Raipur will have almost the same brand value as that Indore and Kozhikode.
2. IIM Ahmedabad, Calcutta, Lucknow and Bangalore: All these top IIMs are definitely worth a year's drop provided that you are confident enough to cope with the cutoff. All these IIMs consider your academics while selecting so if that is your reason for the year drop I don’t think it will help. There is no surety of admission even after a percentile of 100. 
3. ISB: This one is at a whole different level and is in the category of elite B Schools like UCB, NYU, HBS, etc. The top-notch faculty offers amazing pedagogy at relatively low fees.

CAT is sufficient for IIMs. But if you want to go for ISB, a work experience of 4+ years and a GMAT are a must.