Before taking any decision, you must go through all three options that you have in great detail.
There are a few reasons why you should not go for IIM-Kozhikode. First, the fees are extremely high, estimated to be around Rs 19.00 lakh. Second, the average package offered at IIMK is around 16-17L, and you will earn more than that after two years. But, once again, if you are desperate for an MBA, you can enroll in IIMK, which comes with the 'IIM' label, which will be very useful in the long run.
Give CAT once more. You only need to get a high CAT score and then leave the rest up to their selection process. Second, CAT is extremely unpredictable. With proper preparation, you can achieve excellent results. So, if you're willing to work another year and are confident enough to take the CAT, this is the perfect way to take it.
You should look into PGPX from ISB or elsewhere. This option is appealing, but it requires hard work and careful consideration. If you enjoy working in IT and want to advance quickly, this is the path to take.
One of my friends was in a similar situation a few years back. He decided to work for 3 years at PwC and then joined IIM K. Following points are based on his experience and it may help you in making an informed decision:
IIM Kozhikode is a great B-school and you will be exposed to great opportunities. The institute has an experienced faculty and a great crowd.
If you are unable to convert IIM K, then you can look for other options like International MBA or Executive MBA.