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LPU is pretty popular among students for MBA studies. Good or bad are pretty generic terms, which cannot be quantified. LPU is good because the infrastructure is good, has good industry connect and exposes students to various intra-college activities as well as believes in focuses on a wider range of activities for its students besides academics.
Since you will appear for the numerous MBA exams in India, why not target the cream colleges for MBA like IIM's or Narsee Monji or SP Jain or IBS etc.? See, LPU is always an option to fall back on but to get into the better colleges first. Hope you understand what we are talking about. Good luck!