Which is a better choice, joining new IIMs (if selected) or trying for XLRI (Xavier Labour Relations Institute) next year?

The selection criteria of B-School changes over years. There are various parameters that are considered for the final selection, such as academic scores, work experience, CAT percentile, etc. Your 10th and 12th scores won’t do much to make your case and there’s a high probability that you will end up with the same IIM every year. 

One of my friends was in a similar situation a few years back and he took admission to IIM Rachi based on the above logic. 

• From the faculty perspective, all the IIM’s are on the same platform. Newer IIM’s generally have temporary faculties or guest lecturers as they invite the host of consultants that are the B-school Professors for various fields.
• The influence of the alumni base of a B-School when it comes to placements is undeniable. That’s why old B-Schools have better placements. New IIM’s on the other hand, have to go to the boardroom for placement and recruitment. 

But if you are hardworking, you can definitely make a good career at any institute. As for whether you should go for new IIMs or prepare another year for XLRI, that’s entirely up to you.