HI

As far as I know there is no problem as long as you do not travel out of country. Once you travel outside US, you need to do H1 stamping from the US Embassy, you know that. That time you need to provide them all the documents along with your pay-check so that they make sure you are working and paying tax to govt. Then creates a problem as you do not have pay-check run. Legally you rights to receive pay-check from your employeer or so called desi consultancy but since you are not in project, they won't run pay-checks for you. Honestly this is a pain everybody feel when working through consultancy. If you want, you can sue them for not giving any salary upon hiring you. So, my suggestion to you is to get a job or change the consultancy who can put you in project and transfer your H1B. You do not need to tranfer your status to F1 again. Only thing is not leave US without any pay-check, you get stuck. All the best for getting job soon. Regards.