Hey Sneha,
Greetings!

Yes , second round of counselling will be held . For that you have to keep checking their official website at http://www.kiit.ac.in for more details.
There is something called as 'Branch Sliding' by which you can fill in the position of other student who just left that exact position in the exact branch in KIIT.

Hope this will help . Good Luck ! For any more query you can reply to this comment - I will be happy to help you .