Read my rpely in red fonts.
1.Whether IE will appoint Project Guide or there also my choice will work ?
IEI will appoint project guide, they will send you letter & contact info of guide.
2.How much time to spend for project ?
2 months,,it may varry depends on your project guide.
3.Whether I could appear lab + project+4 subjects in same session or not ?
Yes,, you can
4.Whether my project guide is from my working industry or from another ?
Yes,,more or less same,,,but my advise is try to manage,,,
5.Whether I have to do the same project alone or in group(if IE appoint) ?
Your project guide will help you in selecting the topic.
6.Tell me about project report and model.whether both required or only project report ?what will have to submit to IE for gradation both report and model or only report ?
Only project report.