Once Application reach to "Recycling when the maximum amount of virtual memory is used" , Will application pool restart ?
The application pool is not stopped and restarted. In recycling, the web server (IIS) will create a new process (keeping the old one) to serve requests. Then it tries to move all requests on the new process. After a timeout the old process will be killed automatically. Usually, recycling an application pool is done to get rid of leaked memory. There is possibly a problem in the application if this needs to be a regular operation, even though it is recommended to have a scheduled recycle.
Logs Path
That log can be opened via server manager using the following steps:
1. First, open the Server Manager > select Tools and open the Event Viewer.
2. Click on "Windows Logs" and select "System".
Additionally it is possible to create a Custom Filter and filter by "Source: WAS" to quickly see only entries generated by IIS.
The log can also be found at the default physical path, which is %SystemRoot%\System32\Winevt\Logs\System.evtx.