Kosmo,
Further to JAE's reply, I wonder if JAE has considered the effect of not vibrating the concrete.
As I understand it, a cold joint forms when concrete is poured on top of concrete which has already begun its initial set, and the fresh concrete is not vibrated into the older concrete. You then fail to get a continuous pour, and the joint between the two pours has not been designed or prepared.
However, you have not mentioned this situation. You say the "cold joint" formed because the concrete was not vibrated. If the concrete was not vibrated at all, perhaps you have a more serious problem throughout the height of your wall. I don't wish to frighten you unnecessarily, but if your cold joint is not as I understand it (the first decription above), you should inspect the wall in detail, and use a tool, such as a screwdriver, to test any suspect areas for weakness. If you find anything more than merely small air bubbles close to the face, you should try to quantify the problem a little better before deciding the best course of action.
I suggest you consider the risks:
What are the consequences of the water coming in?
What are the consequences of the wall losing strength?
What are the costs of the different options for remedial action?
How reliable are the options you are considering?
What impact will the remedial work have on the project? (Such as delay to occupation of the building, delay to other works, reduced enjoyment of the building.)
If you consider the above, you will probably find the best answer/solution for YOUR circumstances.
Also:
If the reinforcement rusts, it will (in time) expand and spall off some of the concrete in the corresponding wall face. The reinforcement will (obviously) also lose strength.
I hope you find some answers among all my questions, and I hope it works out well for you!
Sean2.