Though people on the overall prepare for the verbal ability section of the entrance exams for B-Schools in a general and time-trusted way of getting the English Grammar concepts strong, building vocabulary and improving your reading and writing skills, every other entrance exam has some sort of variation when it comes to how they prioritize its sections or design the question pattern for it.
IIFT, for example, has its own unique pattern of this section. The vocabulary and Grammar portion in this section hold special importance, much more than what they hold in exams like CAT, and on par with the ones like XAT. One year even featured a crossword puzzle in the section. If your vocabulary is strong, go with it, but do remember that it may slow you down, while you can have a look on other questions.
Always make sure to revise your basics of grammar well. There may be some questions on punctuation and spelling.
The Reading Comprehension part of the paper, though usually known to have been a bit lengthy and complex, has been asking straight questions with shorter passages for a few years. Many people would suggest to look at the questions first and then proceed towards the passage for relevant lines to answer them, but I would personally avoid it. The main reason behind this would be not being able to read the passage well to understand the core message, and instead entering it with a pre conceived mindset. This blurs your thought process and makes you to jump into conclusions before going through each and every line.