It took me some time to figure out the options for mongorestore , after i had kept getting this error for some time .
a) No running instances of mongod .
b) mongorestore -v -host localhost:27017 --dbpath "Actual Path for the Mongo DB- set in config" "Location where the dump is"
Using dbpath , allows to run this command without any running version of mongod .
And this resolved my error .