It's the case not just at NITT, but everywhere. It entirely depends on the visiting firm and whether they value your school percentages.
The placement cell will have all of your information entered into their placement portal, and they will be aware of everything, so if you give the firm an erroneous résumé, whether intentionally or unintentionally, they will be notified. Because there are so many students, your college will try to set minimum eligibility standards for them by requesting or something similar.
To make things clearer, I'll give you an example.
However, if a random startup comes along and offers a nice, attractive package and has policy rules similar to the ones listed above. But the placement cell can request them to ease the criteria if students have low scores. It now hinges on the company's reputation. It is applicable to every institute.