Keeping the IIM issue aside, please ponder if you are doing justice to yourself and your career by working in an organization wherein you have no projects to work upon and you yourself know that you are unable to add any value to the organization. So why even continue working at such a place?
Second, ponder why and for how long will any business pay you for doing nothing?
1st November 2018 From India, Delhi
I understand you frustration. Every professional and especially young professionals expect that your intellectual abilities are challenged. But then far from a intellectual challenge, you are not even given sufficient work to fill your time. Your grouse is about under-utilisation of your capacities and when you had approached HR, even they also could not solve your problem.
If HR is not able to solve your problem then would you like to escalate the matter upward? Put up application for the meeting with the MD and explain your problem. That you are not from IIM cannot be alibi to keep you idle. Non-IIMs also have some skills set and they also have some work to do. Let us see whether something positive emerges.
Unless you have great job opportunity at hand, do not think of leaving your job. Abandonment of employment will not take you anywhere.
General lessons to HR: - This appears to be a failure of the top leadership. Before filling up a vacancy or even creating a vacancy, leadership must be clear on what is planned to be achieved from this position, what should be the Job Description (JD) and the performance will be measured or even what should be the ROI on filling a particular position. It appears that no such spadework was done.
Role of HR in this incident is hardly to be desired. HR should have done the exercise mentioned in the previous paragraph. It was HR's duty to approach top leadership and tell them that the person who is holding certain position, his capacities are not used optimally. But they did not do it. When the incumbent of this position approached HR, they remained apathetic to his problems. This is how employees in general get disillusioned about HR.
1st November 2018 From India, Bangalore