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IIMs announce cut offs as the first criterion to consider a candidate for shortlisting. For example, if an IIM announces cutoff at 85 percentile, it is not necessary that it will shortlist you at that score, but you will at least be considered for shortlisting at that overall and sectional cutoff by the respective IIM.
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: What is the CAT Cut off for IIMs? - CAT Exam FAQs