Thanks for the extra info Haroon.
I would definitely burn-off the fuel to be below MLW (either structural or performance limited) in this scenario. Best to do this in a high drag situation (low and dirty).
I would not deliberately do an 'overweight landing' (not knowing how critical this is in your type and/or if there is a procedure available).
In my a/c type (A320) an overweight landing is an abnormal procedure; in my view only an emergency situation would warrant deliberately doing an 'abnormal' landing when a normal landing (albeit delayed) is available.
Time permitting you could perhaps liaise with the company/maintenance through ACARS/company VHF to let them consider the implications (cost) of an overweight landing.
I remember once we were overfuelled (over MLW) and there was no defuelling available. We had 2 options:
-increase fuelburn (high speed, lower level, early config)
-doing an overweight landing hereby voluntarily making an 'abnormal situation' out of something nominally 'normal'
We chose the 1st option for obvious reasons.
Hope this helps