Can we re rank our Penalyzed website in Google?

[vinaso96]

Hello

This is Maqbul, from India. I have a jobs portal blog [ bharatrecruit.com]. It was getting around 50K to 100K Views a Day and made me $100 a day. But after a few months, my competitor made negative SEO with 12,000 Spammy backlinks. Suddenly my site was hit by Google and now it is getting 200 to 300 Pageviews a day. So the question is I did not disavow bad links for a long time like 3 to 4 months. Now I disavow all the bad links but the website is not ranking. Can we re-rank this site or create another website. Please reply must. None of the bloggers can answer this.

Thanks, Regards

Maqbul