I'm working with a Company A in INDIA and holding L1B visa with validity till Jun 2009. I applied for H1B through company B. I've been pass through H1B lottery process for current year. Now my H1B visa status is Pending. Can I travel to US by L1B visa now. If I travel, Will my H1B petition get cancel?

As long as your L-1 is valid, you are fine.