You can revert any Manufacturing Order (MO) from a Done status back to Not Started or Work in progress. This also reverts stock movements related to the MO (i.e. ingredients are added back to stock and the product is removed from stock).
If you track batches for the product and/or the ingredients, the selected batches will remain assigned to the product and ingredients on the MO.
The products are removed from the batch, but the batch number will remain assigned to the MO. The batch itself will not be removed, even when the stock quantity in the batch is 0.
When you complete the MO again, you do not need to re-assign the batch number as the batch info will remain attached to the MO.