As the error shows that Catch weight loss account is missing. I checked item group for posting and surprised to see that main accounts are defined for this posting type.
So I digged it further and checked its record in inventtrans. But the problem was which transaction to check so for this I checked settlement that were under progress.
Here I found that there is one Transaction in which system used CW loss account. So I opened that transaction in Inventtrans. and checked what mainaccounts does this transaction has.