Hello there,
If you have failed a subject, you need to take retest, and if you pass in it, you are eligible. Now, in your case, yes you can get good colleges. You need to fulfill the eligibility criteria of that particular college which you are aiming at. For example, the basic eligibility criteria for any engineering college is that the candidate has to pass 10+2 level with atleast 55% aggregate in PCM. If you fullfill this basic criteria, you can get admission in that college if you meet the cut-off rank.
Hope this answer helps you.
Good luck!!

JNEC Aurangabad

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