Hello, 
As you have not mentioned the name of the exam and the counseling process you have applied for, so my information might not be that accurate. Please tell me the details.
Also if you want to participate in the second phase of counseling, you can participate in it. Your seat in the college you got through first phase would remain intact. If you even get a seat in other college in second phase, you will get refund from the first college after cutting some minimal processing charges.
Also you can refer to the official website for more such details.
Hope it helps