Greetings, Renjith.
Point #1
Friction is not a problem! There is more friction (raw braking force) available than can be used.
Think of it this way.
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Point #2
The green arrows represent the two forces at work; bike (+rider) momentum, and the ground 'pushing' back at the tire's point of contact. Since the bike's center of gravity is above ground level, these two forces will produce a forward torque (red arrow) on the bike. Counteracting this is the weight (blue line) that also acts through the front contact patch to provide a rearward torque. When the forward torque becomes the stronger of the two, the rear wheel will lift off the ground and the bike will start to flip forward. The effect is identical to pushing the base of a tall glass of beer (or anything else that is free to move.) Push gently and the glass remains upright, push harder (higher acceleration) and the glass will topple over.
Since the rider is seated above the bike, his weight will add to the instability of the machine. More weight (or more height) = less stability = less maximum braking force before the bike flips. A lighter rider will produce a lower overall center of gravity, allowing higher braking forces to be applied through the front wheel without
smearing Perdrosa's smarmy, smirking face into the cold, hard pavement causing the bike to endo.