The best solution for such a problem, if I ever happen to face one is:<br />
<br />
1. Create an empty text document on your desktop.<br />
2. Rename it to "nandroid.md5"<br />
3. Place this renamed empty text document (nandroid.md5) in your clockworkmod backup folder.<br />
4. Try restoring again. It should work.<br />
<br />
PS:<br />
What basically has been done here is that the CWM has been made to skip MD5 checking by placing an empty md5 in the backup folder. This is the only solution I adopt whenever a md5 error is seen. CWM keeps omitting the nandroid.md5 file while creating backups!<br />
<br />
PPS:<br />
A humble thanks is very much appreciated if I have been of any help to anyone!