java.text.ParseException: Unparseable date

Your pattern does not correspond to the input string at all... It is not surprising that it does not work. This would probably work better:

SimpleDateFormat sdf = new SimpleDateFormat("EE MMM dd HH:mm:ss z yyyy",
                                            Locale.ENGLISH);

Then to print with your required format you need a second SimpleDateFormat:

Date parsedDate = sdf.parse(date);
SimpleDateFormat print = new SimpleDateFormat("MMM d, yyyy HH:mm:ss");
System.out.println(print.format(parsedDate));

Notes:

• you should include the locale as if your locale is not English, the day name might not be recognised
• IST is ambiguous and can lead to problems so you should use the proper time zone name if possible in your input.