The aspiration for MBA degree is propelled by the willingness of a candidate to serve the corporate sector in various functions and capacities. Corporate sector values knowledge, skills and attitude of a candidate. Hence the mode in which the MBA degree is obtained is not of so much importance. Rather it is the performance of a candidate in a corporate that takes him to places. The MBA market is crowed with many players. Some of them offer run of the mill stuff and consequently the candidate is at a loss. There are some institutes offering MBA degrees through distance education such as IGNOU, ICFAI, Symbiosis Centre for Distance Learning, etc.
There are some candidates who might think that part time MBA is useless. It is indeed a good thought to acquire higher qualification by pursuing MBA degree. Your impression that part time MBA is useless is not true. Management is a profession and corporate values you and your education based on your performance on job. You can choose a good institute to pursue part-time MBA. Before you take your admission, please check the program structure, faculty profile, placement support offered, etc.
It is a good thought to pursue MBA program from a good university. There are lots of universities that offer MBA program on a distance mode. It depends on your objectives of pursuing the MBA. Assuming that you are interested in good amount of learning, you can look at the ICFAI University, Symbiosis Center for Distance Learning, Welingkar Institute of Management Development & Research, Narsee Monjee Institute of Management Studies, etc.
It is indeed a good choice to do MBA after engineering degree. Basically MBA offers specializations in marketing, finance, human resources and information technology streams. From the placement perspective, specialization in marketing and finance are recommended. MBA with specialization in information technology is not favored by the industry. Specialization in HR courses is interesting, but the placement opportunities are restricted. Hence you need to choose your specialization based on your passion and placement interests.