All this depends on your pattern of filling colleges in the 1st round of counselling, i.e lets consider x,y,z are colleges of other state and A,B,C,D are your home state colleges.

Now if your patter choice filling of college is this

X

Y

Z.

A.

B.

C.

D.

And if you got college A in 1st round, and you opt for float option then you are eligible for AIQ counselling. But if A is above X,Y,Z then in this case you wont able get colleges of AIQ . 

Hey Manini,

Yes, you can participate in AIQ even after you get a college through state quota. All the allotment procedures will be same. The only extra task would be to shift your college. For that you have to withdraw your admission from the current college so that you get all your necessary documents and then submit it to the next college you're opting for.

I hope this helps, good luckN