Is it possible to recover deleted files from Memory Card?

The answer is, technically, yes (provided you haven't written anything to it since you formatted it) but practically, no. There is software which can recover data which has been erased (and even, in some cases, overwritten) but it is usually quite expensive and time consuming to do so and probably not worth the pictures you have lost. When data is written to a disk (or memory) it is written in 'blocks' and all the blocks that make up a file are recorded in an index which first of all tells programs what sectors to use for the data and secondly tells other programs not to write to the sectors that are in use. A disk (or memory card) is not like a book where every page is bound in sequence. Think of it more as a loose-leaf file where pages of a story could be anywhere in the file but the index tells you where to look next. When you format a disk (or a memory stick) what usually happens is that just the index is wiped out and the data is still there. Because the index is gone, the next application to store something on the disk sees all of the space as free and can overwrite parts of a file that was previously stored in that space. In some cases (if you are lucky) there is software that can read each block and join them together to recreate the original file. Much more often, some or all of the blocks will have already been overwritten and you will not be able to recover the file at all, especially if it is a compressed file (such as most photos are). Once you have lost one part of the file, the rest is virtually useless.

Yes using some software you can actually recover the lost data from memory card.It searches every track and sector of your card and files like images are mostly recovered.