The scenario is that i've to convert a .rft file to .lyr file or i've to read the color codes from .rft file. Please suggest whether it is possible!
More details would be great but it sound like perhaps the .rft is being used to apply a Colormap function? If that is the case you may want to work on getting a .clr instead:
Creating a color map (.clr) file—Help | ArcGIS for Desktop
Add Colormap—Help | ArcGIS for Desktop
Retrieving data ...