surekhaajay-
You could consider machining the existing RTJ to a flat face. Keep in mind that the B16.5 required thickness starts at the bottom of the groove, so you are free to remove any steel above it without impacting the required thickness of the flange. If you do this, then at this point you have two options:
1) Bolt it up to the RF flange and specify a torque value and observe the torqueing operation to ensure that the flange pair is not torqued to the extent that the OD's of the flanges are brought together. Recognize that this has the effect of shortening the assembly, so you'll have to have a bit of flexibility somewhere to allow for this. Using a thicker than average gasket (e.g. a nominally 1/4" thick kammprofile type) will reduce this dimensional issue.
2) Prior to machining, weld build the groove to add ~0.30" to the bottom. PWHT if necessary (remember, the thickness of the weld, not the flange thickness governs for thickness based criteria). Machine to RF dimensions.
This type of issue is covered in ASME PCC-2 Repair of Pressure Equipment and Piping Article 3.5, Flange Repair and Conversion. In this article, recognize that the limit in 3.1 for RF height is specifically that: A limit if you wish to continue to call it a RF flange. If you accept that you may have a flat face to RF connection - and the hazard is that the OD's will touch thus limiting effective seating pressure - then this criteria need not be met. For the general weld repair (presuming the common groove bottom cracking) and conversion to RF, see Fig. 1.