'The media family on device '<..>\*.dbk' is incorrectly formed. SQL Server cannot process this media family.' message in EngageOne Designer

Issue

Following error is being observed while restoring database using Designer Repository Configuration Tool (RCT)
 
Restoring Repository. Please Wait... 
M49: Restore Failed "<..>\*.dbk": 
[Microsoft][ODBC SQL Server Driver][SQL Server]The media family on device '<..>\*.dbk' is incorrectly formed. SQL Server cannot 
process this media family. 
[Microsoft][ODBC SQL Server Driver][SQL Server]RESTORE FILELIST is terminating abnormally.

Cause

The error usually occurs when repository hosted on a version of SQL Server is backed up and restored in lower version of SQL Server.

Resolution

UPDATED: July 24, 2019
It is mandatory that SQL server version on which repository backup is restored is same or higher than the SQL server from which repository backup has been taken.