Do they cancel a valid L1 stamping when you go for H1B stamping?

[alien76]

I am currently holding a valid L1 visa and working for company X. Company Y offered me a job and is willing to file for my H1 petition. Considering my petition gets approved and I visit India during my vacation, I would like to go for H1B stamping.

I am aware reading the forums that they will surely cancel my L1 if they grant me H1.

Question: When I go for H1B stamping, will they cancel my L1 if they reject by H1B application?

The idea is if they don't reject my L1, I can still return to US and work on L1 for Company X.

If they approve my H1, I can join Company Y.

Please advise, this is critical for me to know.

Thanks.

[kabkaba]

They may or may not cancel the L1 Visa before they take a decision on H1. But the underlying petition will not be canceled and you can apply for L1 Visa again if canceled.