I responded to him with a Custom Function capable to Finding Closest Match as per his requirement. This worked as the list was sorted in ascending order. He sent me a thanks note for this.
However this left certain questions in my mind such as
1. What if the list is not sorted, Custom function should be able to do this in unsorted list.
2. He wanted greater than equal to value, however it should be able to handle less than equal to value also
With these things in my mind I worked out another custom function which works with unsorted data range and is capable of finding both type of closest match in excel.
I am sharing updated Custom Function with all of you. You will need to copy this code to regular VBA module of your workbook