Is 2 years Part time MBA from Narsee Monjee valid for an Assistant Professor Job?

Since you have acquired a MBA degree on part time basis consisting of two years from Narsee Monjee Institution of Management, your management degree is valid having accredited with NAAC and is recognised from UGC.
The aspirants with the same qualification got placements in different organisations with hefty perks and they did not face any hindrance in joining any organisation with this degree. Moreover you also made a query regarding the validity of this course and they replied you in an affirmative way that you are eligible to teach as an assistant professor.
Since you have been denied for the said post, you should approach the vice chancellor of the university informing him that you have been disqualified from the post of assistant professor for no fault of your own and hence you need a written recommendation from him. If you don't get a positive response in this regard, approach a lawyer for the further proceedings. Hope, you will get your issues addressed very shortly. Also make a representation before the chancellor ie the governor for the settlement of the case.

Thanks for the response.
Sir, I wrote multiple emails to the Vice-Chancellor and the registrar but they didn't respond at all. I am surprised that they didn't show any concern for the student's future. In fact, I lodged a grievance with UGC online system but it also resulted in the same outcome: no response. Due to this, my lawyer has already sent a legal notice. I hope they reply so that I can apply for assistant professor position with other colleges.

To add to my response, I have also emailed the Chancellor but his response was the same- utter silence.

When I was going through the website of the institute, it has mentioned clearly that NMIMS is an institution but not a university. This institute will offer postgraduate diploma courses only such as PGDBA but not postgraduate degrees. The PGDBA is a two-year program in business management which is considered equivalent to an MBA program by most corporate. Wherever they are mentioned MBA immediately in the brackets they are mentioning PGDBA also.

NMIMS distance education MBA (PGDBA) is approved & recognized by the University Grants Commission (UGC) & the Distance Education Bureau (UGC-DEB) of India. The National Assessment and Accreditation Council (NAAC) have also accredited NMIMS with Grade A+. But they have not mentioned anywhere that these degree holders are eligible for teaching jobs. They are always talking about corporate and industry jobs only. You are qualified in UGC NET. So you are eligible for the Assistant Professor post. You can apply for government universities and private universities and try for a post there. Are you qualified for lecturership or for fellowship?

The Business schools are purely private and their selection criteria will be made by that school only. So they have their own rules and we can't question them. Other colleges are also asking you for a letter from NMIMS but they are not issuing it. I think you have to go personally and get the doubt clarified. Otherwise, the institute will not act on your emails.

You try to apply for other colleges and see. We can't question the selection process of a business school as long as they are following the minimum standards prescribed.

In private organisations the recruitment policies are not exactly like the one followed in the Govt departments. In the Govt sector rules are followed very strictly and illogical rejections would not be there. In your case the business school where you applied for a job as Assistant Professor is refusing the same on some pretext and if they are not giving you an answer and keeping silent means they themselves are not clear of the stand they have taken. I think you can raise this issue to UGC which is the apex body in our country for such resolutions. They might guide you as well as the business school in the matter.
Prima facie your qualification and credentials are in place and there does not seem any rationality in their rejection on some interpretation made by them. Meanwhile you apply for Assistant Professor in other institutions and universities and then see what is their response. I hope that you would get the job depending upon the vacancies as well as your score in your educational credentials. Your NET qualification itself is a clear cut eligibility for applying for the lecturer post.
Lodging the court case is not advisable as that takes time and institution will go slow on that and linger it creating inconvenience and difficulties for you. This is the time to make a career and it would be better to search the job elsewhere. In extreme cases you have option to acquire more qualification by way of doing research or some other diploma which might help in getting a job in the industry.