I have not even arrived in India and I am already confused!

My arrival is actually not what I am worried about. I depart BOM on AI 306 on 12/25/07 at 18:30 and arrive DEL at 20:20. My connecting flight to ORD is at 00:55 Flying in Executive Class with AI and in Business Class with AA.
Two questions: 1.What are my lounge options at DEL (I was told I will have a pass to the Maharajah Lounge in BOM) and 2. Since AI306 is NRT bound, it lands in terminal 2. So...What do I have to do when I arrive at DEL? From comments I have read I have the impression that "in transit" does not really exist. Do I have to exit and enter as if I was arriving at DEL by taxi?
ANY advice will be appreciated!