Many people equate NAAC to UGC recognition. It is not, National Assessment and Accredition council in Bangalore grades colleges/universities( more relevant to private universities).
Last year their was a report about collges in Delhi (UGC accredited) failing to secure NAAC A++ (https://www.hindustantimes.com/delhi-news/naac-rankings-no-du-college-makes-to-top-grade/story-Y4aFZyKqOmL6tTBot2pxGP.html).
NAAC focusses specifically on infrastructure, research, governance and teaching. This would be more relavent for a PhD.
IIMT, Meerut is listed in the private universities list of UGC, So the PhD would not be an issue w.r.t recognition, it would only be a matter of quality. It would your individual decision to pursue based on what your expectations are, what are the resources available to you and other college options. Some focus on a recognized degree alone, so focus on the institution's reputation. This would be an individual choice as both would be valid.