When a receiver of ciphertext message can not decrypt a message because he has lost his private-key, the private-key of receiver and session-key of the message should be recovered. In this paper, we developed an Encapsulation based Key Recovery System (EKRS). EKRS is a new key encapsulation based key recovery system which is characterized by secretly choice of KRA, randomized target keys. n-way recovery type, and useful for commercial key recovery. EKRS is formally specified by a pictorial model, an Extended Cryptographic Timed Petri Net (ECTPN). Secure information flow and reachability of a session-key are verified by using reachability graph of ECTPN. EKRS, executing over a Public Key Infrastructure, can be used as a security solution in Web based applications such as CALS, EC an EDI.