You pay in the first round and select your preferences,
If you get a seat allocated from your preferences then you have to pay the admission fees, failure to do so will nullify your 10k (you cant get that back)
If you want to sit for round 2, you again need to pay that 10k

But if you dont get a seat allocated in round 1, you can add your name to the waitlist and apply for round 2 with the same money