accessing ERRORLEVEL from bash script

Yes, $? is the variable that contains the error level.

Try echo $? for example.

An example from Cygwin bash (I'm guessing you are using Cygwin because you are using the Windows cmd in your example.)

susam@nifty /cygdrive/c/Documents and Settings/susam/Desktop
$ cmd /c "badapp"
'badapp' is not recognized as an internal or external command,
operable program or batch file.

susam@nifty/cygdrive/c/Documents and Settings/susam/Desktop
$ if [ $? -eq 0 ]
> then
>   echo "good"
> else
>   echo "bad"
> fi
bad