<p style='text-indent:20px;'>Since the start of COVID-19 pandemic, the definition of normal life has changed drastically. The number of cases of this pandemic is rising everyday across the globe. In this study, we propose a compartmental model, which considers the isolation factor of Coronavirus infected individuals. The model consists of five compartments: susceptible (S), exposed (E), Infected (I), Isolated (L) and recovered (R). We have estimated the parameters of the model system and the expression of the basic reproduction number <inline-formula><tex-math id="M1">\begin{document}$ R_0 $\end{document}</tex-math></inline-formula> using real data set. The exact value of the basic reproduction number is computed for India, Brazil and Peru. The local and global stability analysis of disease-free equilibrium and endemic equilibrium points is carried out. The forecasting of the pandemic is done using real data. It has been observed that to understand the pandemic the time frame has to be divided into small intervals as the parameters of the pandemic are changing with time. Within a time frame of approximately four months (i.e. from July to October 2020), the transmission rate of India has been reduced by approximately 84%. Whereas the transmission rate in Brazil and Peru has increased by 79% and 45% respectively. The sensitivity of various parameters involved in the model has been analyzed. We have presented a complete analysis to check the existence of backward bifurcation.</p>