Can management decision be challenged if I was terminated

Dear sir, I am a manager in a MNC. One of my subordinate (contractual employee) drove fork lift without a valid license (Issued by company). Considering it a safety concern, company held me responsible for the act (Though, I was not present at the spot at the time of incident.) Management asked me to resign but that contractual employee is still working in the company. Can management's decision be challenged? And what is the probability of winning this case? Regards