Hey Debashish, I'll try to answer your questions in order so they make the most sense, because they're good ones and they mirror perfectly the same questions we all see in this industry.
1. We really need to define penalization here first. Unless you're getting a message in Google Search Console telling you that your site has been manually penalized, then you haven't been penalized. Next we're going to make an assumption, which is that you gained some ranking benefit from illicitly garnered backlinks. And finally, we're going to assume that Penguin caught on and devalued those links. This means you haven't been penalized per se, but you're no longer deriving optimization benefits from those links. So 'recovery' in this sense is going to mean something different.
Recovery from a manual penalization does not mean you will return to your previous rankings and organic traffic. It means that you are no longer being blacklisted by Google and your site is being indexed by Google again. But in both cases, what a client wants to know is "when will my previous rankings return" and the answer is that they will not. If you were ranking highly before due to inadvisable link schemes and those beneficial links were devalued or disavowed or removed, then you aren't going to see a return those strong rankings. You're going to have to fix things so you're obeying webmaster guidelines, then begin competing in another way that's within guidelines to bring yourself back to the top.
John Mueller gives this response every time he's asked this question in his Hangout series, and he gets asked it A LOT. You can see those videos here: https://www.youtube.com/playlist?list=PLKoqnv2vTMUMqH8IyzOMBc_Z8i-S6-tVJ. This channel is a really fantastic resource for learning some intermediate to advanced SEO tactics via Q&A with John Mueller himself.
2. You can submit a disavow file via Google Search Console. Again, this is going to tell Google that you don't want any of those links to be associated with your site for the purpose of ranking. What some SEOs are guilty of doing when clients were hit with Penguin penalties was to disavow ALL backlinks instead of just the naughty ones, and this got them back in the index but completely nullified a lot of valuable and credible links.
Consider that it takes 4-12 months to implement and begin to reap the benefits of well thought out white-hat optimization strategies, and use that as your timeline for 'recovery', because again you're not going to see an immediate return to your previous rankings and will need to implement new tactics.