No, it won't be recoverable.
When creating a TC volume, whole partition gets encrypted. This encrypted partition when examined closer looks like garbage. You can read it on low-level, but what you get is some random stuff. Only truecrypt can read this garbage knowing your passphrase and/or keyfile data.
For Windows this hdd space looks like an unformatted space, thus it offers you the possibility to format it.
When you do, using quick format for example, fresh, empty filesystem of your choice will be created on it. It shows empty and even if you can read data from it on the low level, you get the same 'garbage' created at the beginning.
After formatting partition where you previously created TC volume, it will not be mountable/decryptable for TC any longer.