Standalone, Direct Restore i.e. same server, Module - 4.1.

Cluster? Directed or direct restore? Module version?

I'm not sure if last error 53 is the same as windows error 53 which is "The network path was not found.", but in that case it would indicate network issue. Do you have any additional data in event log?

We have changed the administrative rights for the volume and it has restored the data.