The candidate automatically becomes eligible for the 2nd iteration. The only case when you aren't eligible for the next round is, when you're allotted a seat and fail to report at a reporting centre for verification of documents .
Good luck...

Hello,

Yes anybody who does not get seat in first round then he will be eligible for first round. He will not be required to report any where in any institute.

The system will automatically apply float option according your choices. 

You should get any college according to your already selected list of colleges.