If an employer withdraws the H1B petition, is I797 receipt no still valid?

Hi Saurabh, Please reply!! I have received a 221g during my H1B stamping interview. I don’t want to wait for administrative processing as I am studying too. I am thinking of returning to US on H4 so I can continue studies. In this case if my employer withdraws the H1B petition, can another employer apply for a fresh H1B using the same petition approval receipt number from the previous employer? If this is the case, then I am assuming I will be exempt from quota limit. Is that correct?

Yes, they can file cap-exempt petition for you in future. Make sure to have a copy of 797 approval notice or at least the receipt number and print out of online status showing it as approved.