What will happen if I fail one honors paper and one general paper in the 1st year under WBSU?

It is quite likely that you will be given the opportunity to sit for both the supplementary paper in the following year. For such situations, your college will put up a notice regarding the same, and will further ask you to fill a form up for the supplementary papers.

Following that, you are expected to have the chance to sit for the exam, as per what will be declared by the administration, in the succeeding year, alongside other papers as well. 

However, if you still do not secure the necessary marks after taking the exam, the administration will grant you the graduation certificate, but will still hold you back until you have finally obtained enough marks for final certification.