2 Master's degree simulataneously

Yes, you can enroll for one regular degree and one through distance mode at the same time. As per the UGC rules, one cannot enroll in two regular degree courses at the same time.
As per my views, you should first focus only on your M.Tech and should not be in a hurry. As you have work experience, MBA through correspondence will not be difficult for you.
So, I would suggest you to complete your M.Tech with good scores and then you can pursue MBA through correspondence even when you are in a job.
Many firms even support the employees pursuing an MBA and allow them to pursue their MBA project in the same firm itself.

AS per UGC, in January 2016 order, said it "does not endorse the idea of allowing students to pursue two degrees simultaneously. One can enroll in a degree programme under regular mode and follow a maximum of one additional degree programme simultaneously under open/distance mode from the same or a different university.

1. When a student applies for two degree programmes under regular mode simultaneously it may create logistic, administrative and academic problems for the university.
2. It will add stress to the student as he/ she will have to cover the portion of both the courses in due time and attempt the exam.
3. For college going students, its fine but very difficult for working personal.
4. It is best to attempt one at a time to get good score and study the course.