Hi Prateek,
Couple of steps I would suggest in this scenario:
1. Check for any errors occurring at the time of the restore under the HANA Studio--> Diagnosis files--> backup.log and the IndexServer trace files, you may see a possible recovery error that could explain the issue is with the backup being used for recovery
2. To isolate the issue with the HANA Studio you may use a python script based recovery procedure that is available on HANA, please refer the HANA Administration(SPS10) section 5.2.5.2.3- Recovering a Database using Command Line tool
Hope it helps
Sunil