Hi,
The eligibility of 70% in 12th boards is for NITs,IITs,IIITs etc, but, As per the criteria of JEE advanced candidate need not to secure75% in Board exams (general) or be in the top 20 percentile of their exam board,for sc/st categories the required percentile in 65%.
So your form can be rejected at the time of admission, when you sit for the councelling even if you have a good rank in JEE Advanced

No you won't be straightforward rejected from appearing in JEE advanced you can appear for JEE advanced even without having 75% in class 12th or not having in the top 20 percentile of your recognise board.

however you will not be entitled to take admission into IIT post JEE advanced rank declaration even though you have scored decent rank required to get admission into it. At the time of counselling you have to prove your 75 percentage in board.

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