Yes, if you clear your failed subject by appearing in compartment exam and secure an aggregate of 75% (65% for SC/ST candidates) then you will satisfy the board eligibility criteria for admission to NIT/ IIT colleges. Along with this, to get admission into any one of the NITs/IITs you need to score well in the JEE Main/Adv. respectively.

The board criteria for admissions to NITs/IITs says that "A Candidate must have secured an aggregate of at least 75% (or be in the top 20% percentile of his respective board) in his board exams. There is a relaxation of 10 % for candidates of SC/ST category."

Hope it helps.