Can malware affected wordpress website recovery a penalty?

Coming straight to point, I used nulled theme which had some malware (initially was unaware). I found out this when my site was disapproved in google adwords for the same reason.

So my question is are there any chances of recovery?
If there are what steps should I take to remove malware & how much time it can take to recover.

Thanks for your advice!

The one and only step that you need to do: Buy the theme and all of your problems will disappear. If your website means that much to you, an investment of 30-60$ means nothing.
Don't use nulled themes (exceptions for the ones shared on BHW) as in 98% of the cases, they are infected.