Well the same case happened with my friend too. He submitted his RT later but DGCA DD Mr. Vashisht told him that your RT should be issued before the day your recency is lapsing. I don't know what happened to his licensing application, I'm not in touch with him. But how can it be possible to get ur RT converted before your recency gets expired if WPC guys are taking 3 to 4 months to convert one single RT.
As far as I know RT and CPL are totally 2 different things and RT doesn't have to do anything with recency, thn why DGCA is making an obligation that they won't except the application if RT will be issued after the date your recency gets expired. Its not our fault if WPC is taking so much time to convert it as you said they are doing some marine work.
I will talk to my friend I mentioned above and let you know what happened with his case.