OPT Extension in pending status- applying for new school and CPT


My case is little bit complicated. I applied for my OPT Extension its pending from July 3rd, and my school is facing some problems.

I would like to take new admission in school, But since am working on OPT extension pending status, i would like to get new CPT forgetting old OPT extension.

and I would like to apply H1 through my employer once i get my CPT.

My questions is:

Is it possible to apply H1 when am on CPT? for this quota?

I am already done with one graduation in United States, this will be my second course.

Please Advise