Can H1b extended based on I-140 approved (with a new employer)?

[KarBabu]

1. I have an approved I-140 from company "ABC" (i have also crossed 6 yrs, in 8th year of my H1b). 

2. If i change my job to company "XYZ", it will be H1 visa transfer. 

Question: 

Suppose new employer doesn't NOT file PERM/I-140, can my H1b still extended(keep extending h1) based on the already approved i-140? - What happens today in this scenario?

[pontevecchio]

In theory, you are allowed extensions as long as the I-140 is not revoked.