my employer is applying for l1b. And promised me to apply for gc as well. If I get i140 in gc eb2 process, am I allowed to stay in US by applying indefinite visa extensions or should I come back to India after 5 years
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You cannot stay indefinitely in the US on an L1 visa. If you hold an L1B, the maximum stay cap is 5 years (3 years initial + 2 years on extension). If your company files for GC for you, they will also need to file for your H1B in order for you to renew it while your GC petition goes through.
-- Not legal advice, this is my opinion.
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