Hello,

Yes, you can participate in the next round of IPU counselling. The amount 40,000 is taken to book your seat permanently if you do not want to take part in the further rounds of counselling. But in case you want to participate in the later rounds of counselling then you are not booking the seat. Having said that it goes on till the last round and after that you have to pay 40,000 compulsorily if any seat is allotted to you.

Hope it helps.

Good luck.