Time zone abbreviations are ambiguous an inconsistent. IST could be either Indian Standard Time, Irish Standard Time or Israel Standard Time.
The only reason that PST works is because it is specifically called out in the RFC 822 spec (section 5.1), along with a few others for North America. And that spec is slowly fading away in favor of ISO 8601, which does not use time zone abbreviations at all.
So basically - you shouldn't be parsing a string in this format - ever. If you feel you need to for some reason then you have an XY Problem. Take a step back and explain your reasoning, because there is probably a better approach.
Updated Answer
In your comments you said it is out of your control to change the server's output. Well, then you really should go find whomever has it within their power to make changes to the server and talk to them. It's very important that server APIs expose their data in a manner that is standards compliant and easy to consume. Since the server is exposing what is essentially a made up format, then consumers of the API (like yourself) will have trouble working with the data.
And yes, it is a "made up" format. There is no standard for date and time that includes IST as a supported time zone abbreviation.
There are other ways to deal with this, but these are hacks and not a recommended approach:
You could remove "IST" from the string, and append "+0530". Most browsers should pick up on that.
new Date(str.replace('IST','') + ' +0530')
You could parse it with a library like moment.js:
var s = str.replace('IST','+05:30');
var m = moment.parseZone(s,"ddd MMM DD HH:mm:ss Z YYYY");
var output = moment.toDate(); // if you need a js Date object
var output = moment.format("whatever"); // if you want to reformat a string
Both of these are truly hacks, because they rely on two uncertainties:
That you will only ever use IST coming from your server, and it will never run somewhere with a different time zone.
That IST is fixed to +05:30 and always will be. Many time zones go through changes based on the whim of politicians, and many change offsets twice annually for daylight saving time. IST does not use DST, so you can exploit that here.