If you have a very high score in GMAT and TOEFL and reasonable explanation of your low GPA, you still have the chance. Meanwhile, it also depends on schools you apply. I guess the average GPA for top 20, is around 3.4. Any academic score, GMAT, TOEFL and GPA, is lower than the average of last year's admits, you need excellent essays and strong resume to compensate your academic background.
Most applicants suspect that the GMAT score or GPA pushes their application into one of three piles: "yes," "no," or "maybe." But that's not the way it is. Unless one or more of your numbers is so low it forces a rejection, the piles are "looks good," "looks bad," "hmmm, interesting," and all variations of "maybe." In MBA admissions, the whole is greater than the sum of the parts. Each of the numbers has an effect but doesn't provide the total picture.