Without knowing whether the pipe is reinforced or not and without knowing what the footing loads are it is impossible to answer. However, this situation is not desirable and is prohibited in most cases by building codes. In the rare cases where it cannot be avoided, sometimes D.I pipe may be allowed or concrete encasement, or sleeving the existing pipe.
Also, you do not say what the 12-inch pipe is for. Is it a sanitary sewer, storm drain, something else?