I had worked on H1B visa for Oct 2019 - Feb 2020, before that on L1B for 1.5 years, considering moving back to US, Do I need to again sit in lottery?

As you previously worked under H-1B status in the US in 2019-2020, you do not have to go through another visa selection process. Under the conditions that you describe in which you timely filed an application to remain legally in the US after your H-1B job ended, and presumably left prior to the adjudication, there may be a valid question of overstay as the maximum period of initial time allotted for being a visitor is only six months and you would have exceeded that even if you had filed during the 60 day grace period. However, there is room for argument that you complied with the law and USCIS was supposed to have made a timely adjudication. Under the Foreign Affairs Manual guidance, I do not believe that your explanation of actions should prejudice you in a later application for a visa. Due to the limitations of the Lawyers.com Forums, Alan Lee & Arthur Lee, Esqs.’ (the "Firm") participation in responding to questions posted herein does not constitute legal advice, nor legal representation of the person or entity posting a question. No Attorney/Client relationship is or shall be construed to be created hereby. The information provided herein by the Firm is general, and requires that the poster obtain specific legal advice from an attorney. The poster shall not rely upon the information provided herein as legal advice nor as the basis for making any decisions of legal consequence