This is a reporting server of mine whereby in a day we feed in a lot of records & rest of the time it is used to fetch data ranging from days, weeks & months.

But considering the solutions provided to me I have recreated the log file for once & scheduled the Transaction Log Backups to 4 times a day.

I believe these measures should keep the log space in control.

Thanks everybody for your inputs. Would revert back if I continue to face problems in this respect.

Ankit