There are two ways to resolve this problem:
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When sql server restore the logs, this creates the checkpoint file which would be use in case of any rollback.
1. Created this folder in the H drive and gave proper permissions so that sql server can use this.
2. Give a correct backup path @HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Microsoft SQL Server\MSSQL.1\MSSQLServer\BackupDirectory.
There is no need to restart the sql server.