Finally got CWM working. The procedure of installing is fairly simple but I had to browse through few czech and russian forums to get the recovery.img.
This procedure doesn't need PC at all. Everything is done on your phone. Just follow these few simple steps.
1. First of all, you should be rooted. If not, use Framaroot to do that (fairly simple to do and pretty much "one click" stuff)
2. Next, install MobileUncle MTK Tools (available here
3. Now, download the attached recovery.img and transfer it to the root of your SD card.
4. Open MobileUncle and grant root permission if asked.
5. Once it is open, choose "recovery update" on the main screen.
6. You should be able to see your recovery.img first on the list. Below are some other recovery images found online but DO NOT chose those.
7. When tapped your recovery.img it will ask "use recovery file: recovery.img (5620Kb)?" - tap Yes.
8. Within seconds, it is flashed and it will ask if you want to reboot to recovery... choose Yes.
9. That's it. You have fully functional CWM
Now, if you want to backup your device in CWM please note that the backup folder may grow pretty large if you are using SD Ext (which is pretty much a must with this device) so make sure that you have enough space on your SD card before you perform backup.
P.S. browsing through the czech and russian forums, I've found couple of pretty functional ROMs (there are few MIUI ports and one Xperia C port). I'm going to test those in the next couple of days and if it works, I'll share it here.
Disclaimer: I am NOT a developer! I am NOT responsible if you brick your device or if anything goes wrong!