Rejection of H1B due to filing of I-140

[dhar]

Hello,

I am on H1B and my employer is about to file for my I-140.

I have decided to relocate back to India(while working for the same company)

I've the following questions:
1. Can my green-card process/application continue when I'm not on H1B anymore?(I am assuming that my H1B will be cancelled/in-suspension/voided or something like that once I get back to India)

2. If my I-140 is applied, then will it cause any problems in future if I want to get back on H1? i.e., could previous application of I140 be valid grounds/reasons for rejection of H1B application in future?

Thanks,
Murali