Can I reject company's offer at vit if I get into top B-schools

Currently a 3rd year student, I am planning to give CAT(MBA) next year alongside my placements. If I get a satisfactory college, I'll join otherwise placement it is. I have heard vit doesn't allow people to reject offer. I wanted to know how it works? The final results for IIMs and other top B schools generally come around April, so placements will be completed by then most likely. Is the process to not join the company easy? I have heard there may be issues with CDC. I wanted to consider before applying for the PAT starting next month, I don't want it to hinder opportunities if I do get in a good college? Any advice from seniors or people who know about it