If you can get your employer to release you with a NOC you are pretty much free to pursue any job offer that comes your way.
Employers, however, are not quite so benevolent. Depends on the situation of your company. Indeed as you say they might transfer you and your colleagues to another division, but is that the case? What's the use of over-stuffing and over-staffing?

Maybe they can send you back but if you get a NOC it means they save on your airfare home and severance pay which you are entitled to.

Feel the situation out.

Good luck.